SIFMA today announced that T. Timothy Ryan Jr., President and CEO, has submitted his resignation and will depart SIFMA on February 23.
Mr. Ryan has served as President and CEO of SIFMA since April 2008. SIFMA's mission is to develop policies and practices which strengthen financial markets and which encourage capital availability, investment opportunity, job creation and economic growth while building trust and confidence in the financial industry. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).
"On behalf of SIFMA's Board of Directors, I want to thank Tim for his dedicated service during the past five years," said Chet Helck, SIFMA Board Chairman and CEO, Global Private Client Group, Raymond James Financial, Inc. "Tim has led SIFMA and our industry advocacy efforts during a truly unprecedented time in our industry's history. Tim's unwavering commitment to ensuring the financial services industry has played a productive role in the financial regulatory reform process has enabled open and constructive dialogue with lawmakers and regulators, in turn creating a more workable regulatory framework. We wish Tim all the best in his future endeavors."
"I am proud to have led SIFMA and our industry during the past five years, through a time of important and expansive regulatory reform," said Tim Ryan. "From the beginning, we have supported smart, workable regulatory reform. My goal at SIFMA has been to provide thoughtful information and analysis to regulators so they have the tools necessary to create reasonable regulations that create a safer financial system without negatively impacting the economy. I believe we have made progress toward that goal. I am grateful for the talented staff of SIFMA and the invaluable involvement of our member firms both of which have been instrumental in helping to move smart, workable reform forward."
On January 7, the SIFMA Executive Committee appointed Kenneth E. Bentsen, Jr., executive vice president, public policy and advocacy at SIFMA, as Acting President and CEO of SIFMA effecFMA effective, February 23. Additionally, the SIFMA Board of Directors will embark on a search for a permanent President and CEO.
Before joining SIFMA in 2008, Mr. Ryan was Vice Chairman of Investment Banking for Financial Institutions and Governments at JPMorgan. Prior to joining JPMorgan in 1993, Mr. Ryan was the director of the Office of Thrift Supervision (OTS) in the U.S. Department of the Treasury. As OTS director, he was the banking and securities regulator for the nation's approximately 2,000 thrifts. He was also a principal manager of the Savings & Loan cleanup, which involved closing approximately 700 insolvent institutions, improving capital bases and selling over $300 billion of assets.
From 1983 to 1990, Mr. Ryan was a partner in the Washington, D.C. office of the law firm Reed, Smith, Shaw & McClay, where he headed the Pension Investment Group and was a member of the firm's Executive Committee. From 1981 to 1983, he was Solicitor of Labor at the U.S. Department of Labor.