New Acting Chair Sits in SIPC’s Board
The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms, has announced the withdrawal of Chairman Orlan Johnson from its Board of Directors.
Johnson will be succeeded by Sharon Bowen, who previously served as vice chair of the SIPC board, who will serve as acting chair.
Chairman Johnson stated: “My term as chairman expired in December 2011. Given my other responsibilities, I believe it is time for me to step aside. Vice Chair Sharon Bowen will provide exceptional leadership for the Board.
“I have worked closely with Sharon on both the Board and the SIPC Modernization Task Force. She has a complete command of the issues facing SIPC. With the completion of the Task Force’s work and recent delivery of the Task Force’s Report, which I promised upon my confirmation, I will leave SIPC in good hands.”
SIPC President Stephen Harbeck added: “Chairman Johnson took office at a critical time for SIPC and the entire financial sector. He has been an outstanding chairman of this corporation during the financial crisis. Everyone connected with SIPC appreciates the leadership, guidance, and support the chairman gave to the organization during his term.
“The direction provided by the chairman involved complex and difficult decisions. Through it all, Orlan Johnson made the decisions that were consistent with the Securities Investor Protection Act, with both grace and conviction.”