SIPC Names Josephine Wang New President and CEO

WASHINGTON, D.C. – March 12, 2019 – William Jasien, the senior member of the Securities Investor Protection Corporation’s (SIPC) Board of Directors, announced today that Josephine Wang, General Counsel of SIPC, will become the next President and Chief Executive Officer of SIPC, succeeding Stephen Harbeck, who is retiring. Ms. Wang will move into the role on April 1, upon Mr. Harbeck’s retirement.

“Ms. Wang’s work as General Counsel has been nothing short of extraordinary,” said Mr. Jasien. “Throughout her tenure, SIPC was faced with novel legal issues of national scope and great consequence to investors. Time and again her analysis of the law led to the best possible results for the investors SIPC serves.” The Board conducted a nationwide search to fill the position and found that Ms. Wang’s proven track record of success guiding the Corporation’s legal strategies, her high level of expertise on the full range of Corporation matters, and her recognition as a leader within and outside of the Corporation made her the most qualified person for the position.

Ms. Wang joined the legal staff of SIPC in 1983 and was promoted to General Counsel in 2004. Most recently, Ms. Wang successfully argued on behalf of SIPC that a lower court decision in the liquidation of Bernard L. Madoff Investment Securities LLC should be reversed by the Court of Appeals. The reversal revives 88 lawsuits brought by the Trustee for the Madoff firm, allowing the Trustee to sue overseas entities that received fraudulent transfers.

"I am honored by the Board's decision. It is a great privilege to have the opportunity to lead SIPC," Ms. Wang said. "I look forward to continuing SIPC’s important mission of investor protection.”

Ms. Wang steps into the position held by Mr. Harbeck, who has served as SIPC President since 2003.

“On behalf of the entire board, I would like to thank Mr. Harbeck for his dedicated leadership of SIPC,” said Mr. Jasien. “His unwavering commitment to investor protection has led to asset recovery successes few of us would have thought possible.”

SIPC retiring President Stephen Harbeck said: “The transition from Ms. Wang’s position as General Counsel to President will be seamless. We have worked together on a daily basis and she knows the responsibilities of that position well. She is dedicated, practical, and a leader. SIPC is well positioned for the future.”

Ms. Wang graduated summa cum laude from Hunter College and is a graduate of the Georgetown University Law Center. She is a member of the bars in D.C. and New York.