After months of speculation as to where former SEC chairwoman Mary Schapiro would end up, it comes as no surprise that she took a job with a Washington D.C consultancy group.
Schapiro will serve as managing director and chairman of Promontory Financial Group’s governance andpractice, the firm said Tuesday. Founded in 2001 by former U.S. Comptroller of the Currency Eugene Ludwig, the company works with clients on risk management, as well as provides regulatory and compliance consulting.
“The risk environment for firms in today’s global markets is increasingly complex,” Schapiro said in a statement. “While regulators are charged with policy making in these areas, the private sector – especially investors – has the largest stake.”
She says that while at Promontory, she will work with clients out of the firm’s D.C. office to “meet regulatory and investor expectations while advancing the evolving norms for corporate governance and regulatory.” In other words, Schapiro will basically help clients stay up to code and fix compliance issues before government regulators come calling.
“Mary is an outstanding advocate for investors and was a strong and decisive regulator during one of the most volatile periods in our financial history,” says Promontory Founder and CEO Eugene A. Ludwig. “Her profound understanding of the U.S. and global financial markets, decades of regulatory leadership, and deeply relevant perspective and insight will add to our already significant involvement in capital markets, hedge fund and private equity advisory and compliance services.”
But Schapiro will, of course, have help. The former SEC chairwoman is not Promontory’s only former regulatory grab—the company also employs former SEC chairman Arthur Levitt and former Federal Reserve vice chairman Alan S. Blinder on its advisory board.
In addition to her role at Promontory, Schapiro is also set to take a lucrative position as a member of General Electric Co.’s board of directors. Nominated last month, GE’s shareholders are expected to confirm her bid for a seat at the table later this month at the annual meeting.In addition to her role at Promontory, Shapiro is also set to take a lucrative position as a member of General Electric Co.’s board of directors. Nominated last month, GE’s shareholders are expected to confirm her bid for a seat at the table later this month at the annual meeting.