Stefan M. Selig

Stefan M. Selig (born 1963) is an American investment banker, and past Under Secretary of Commerce for International Trade at the U.S. Department of Commerce from June 2014 to June 2016. In his role, he was responsible for promoting trade and investment to strengthen the competitiveness of U.S. industry and "improve the global business environment". He advocated for the Trans-Pacific Partnership, negotiated the Transatlantic Trade and Investment Partnership and expanded SelectUSA.

Stefan M. Selig
Under Secretary of Commerce for International Trade
In office
June 4, 2014 – June, 2016
PresidentBarack Obama
Preceded byFrank Sanchez
Succeeded byGilbert B. Kaplan
Personal details
Born1963 (age 57–58)
New York, New York
Political partyDemocratic
Spouse(s)Heidi Selig
ResidenceNew York, New York
Alma materWesleyan University (B.A.)
Harvard University (M.B.A.)
ProfessionInvestment Banker

Early life and education

Selig grew up in New York and attended the Dalton School on the Upper East Side. He graduated from Wesleyan University in Middletown, Connecticut with a B.A. in Economics in 1984. Selig completed the Platoon Leaders Class at Officer Candidate School for the United States Marine Corps. He briefly considered the Marine Corps, but instead chose to go into business, attended Harvard Business School, earning an MBA in 1988.[1]

Career

In 1984, Selig joined First Boston Corp, where he worked in the mergers and acquisitions department for the investment bankers Bruce Wasserstein and Joseph Perella. In 1988, he joined Wasserstein's and Perella's own firm, Wasserstein Perella & Co., which has been described as a training ground which helped create "a dynasty of bankers and executives that has spread throughout Wall Street and corporate America".[2]

Later he became a partner at Berenson Minella & Co., a boutique investment bank where he organized high-profile buyouts, including the $65 million+ takeovers by CCMP Capital and Apollo Advisors of Gerber Products Co.’s Buster Brown children's apparel subsidiary, the acquisition by Castle Harlan Inc. of MAG Aerospace Industries Inc. from Vestar Capital Partners Inc., and Chemical Venture Partners purchase of Chiquita Brands International’s Speciality Meat Group in 1994.

In 1994, Selig joined UBS as head of its financial sponsor group and as co-head of mergers and acquisitions. After 4 years he moved to Société Générale in 1998. He worked for Bank of America from 1999 until 2014, where he rose to executive vice chairman of global corporate and investment banking. He has been "known for advising on consumer and retail deals".[3] He advised on the 2013 sale of Yankee Candle Co. to Jarden Corp. for $1.75 billion; From 2007 to 2010 he worked on a number of deals for L Brands, parent company of Victoria’s Secret and Bath & Body Works to buyout firm Sun Capital Partners Inc. L Brands chief executive Leslie Wexner applauded the nomination.[3]

He is a founder and managing partner of BridgePark Advisors.[4]

Under Secretary for International Trade, 2014-16

In November 2013, President Barack Obama nominated Selig as Under Secretary for International Trade at the Department of Commerce to replace Frank Sanchez. In February 2014 Salon.com wrote that Selig had "received more than $9 million in bonus pay ... in addition to the $5.1 million in incentive pay awarded in 2013.[5]

During the United States congressional hearing before the Senate Committee on Finance on 8 May 2014 it became known that Selig invested in offshore funds of buy-out firm Sun Capital Partners Fund V, which "in 2010 was domiciled [...] in the Cayman Islands, and in 2012 [...] at the now infamous Ugland House."[6] Selig’s Schedule 2012 K-1 tax document, showed the value of his account was $721,802 and another investment in Conversus Capital, of Trafalgar Court, St. Peter Port, Guernsey Channel Islands was worth $1,123,523 in 2012.[6] Orrin Hatch (R) reminded the committee that President Obama had characterized these types of investments as “betting against America" during his 2012 election campaign.[6] Selig was the Executive Director of the Travel and Tourism Advisory Board and on the Board of Directors of the Overseas Private Investment Corporation (OPIC).[7]

Agenda

Upon his confirmation on June 4, 2014, U.S. Secretary of Commerce Penny Pritzker said that Selig's core priorities were the 'Open for Business Agenda', the National Export Initiative and the expansion of SelectUSA to attract more investment in the U.S.[8]

Selig oversaw more than 2,200 trade and investment professionals, based in 110 U.S. cities and 77 countries, where he deployed a budget of over $500 million.[7] In 2015, he expanded SelectUSA, the first federal effort to promote the US as the world’s most attractive investment destination.[9] He advocated for the Trans-Pacific Partnership and in May 2015, rejected EU concerns that the arbitration panel for investor-state dispute settlement would allow companies to bypass national courts, calling criticism that it undermined governments' right to regulate "misguided".[10] Selig thought the TPP would go through in 2016.[11] He led the International Trade Administration to strengthen U.S. industry competitiveness, promote trade and investment and to improve the global business environment.[7] In 2015, Selig´s teams reauthorized Trade Promotion Authority for the first time in thirteen years, concluded the Information Technology Agreement, a World Trade Organization agreement which covers 200 information and communications technology products valued at $1 trillion in global trade and negotiated the Transatlantic Trade and Investment Partnership.[12] He established the U.S.-India Strategic and Commercial Dialogue[13] the U.S.-Japan Commercial Dialogue, and the U.S.-Argentina Commercial Dialogue.[14] In 2014, Selig achieved outcomes with the Mexican Government through the High-Level Economic Dialogue, co-chaired by Vice President Biden.[15]

He was commissioner for the Congressional Executive Commission on China, directed the President’s Advisory Council on Doing Business in Africa and has been a lifetime member of the Council on Foreign Relations.[16][17][18] He revamped operations and priorities for U.S. commercial diplomacy staff.[19]

Investigation

In late June 2016, Selig left the Commerce Department as the Inspector General's office was completing an investigation into his business expense reimbursements for luxury hotels while traveling.[20] In September 2016, the Inspector General's final report found Selig received unjustified reimbursements on multiple occasions for luxury hotel stays and premium car service expenses associated with his trips; that he used a staff member for handling his personal business and provided knowingly false information about his travel arrangements;[21]:1 that the commerce department paid $50,000 for a questionable office renovation exceeding the $5000 limit[21]:39 Because Selig and his assistant had left before the report was published, the OIG did not recommend the Department to take administrative action.[21]:40 Selig claimed in a letter to the editor that he had "followed proper protocol" and delegated the handling of his travel expenses.[22]

Personal life

Selig is married to Heidi Selig. Selig previously served as a member of the board of directors of Lincoln Center for the Performing Arts and Services for the UnderServed, which supports individuals and families facing challenging situations.[23]

References
  1. Steve Straehley, David Wallechinsky (6 April 2014). "Under Secretary of Commerce for International Trade: Who is Stefan Selig?". allgov.com/. Retrieved 2016-09-17.
  2. Andrew Ross Sorkin (April 27, 2007). "One of the Best Recruiters in the Neighborhood". The New York Times. Retrieved 13 May 2014.
  3. Dana, Mattioli (7 November 2013). "Bank of America's Selig Nominated for Commerce Department Post". WSJ. Retrieved 14 May 2014.
  4. "Stefan Selig". Crunchbase. Retrieved July 10, 2017.
  5. Lennard, Natasha (18 February 2014). "Obama trade officials received huge bank bonuses". Salon.com. Retrieved 26 July 2014.
  6. U.S. Senator Orrin Hatch. "Hatch Statement at Finance Committee Hearing on Trade and Social Security Advisory Board Nominations" (PDF). Retrieved 13 May 2014.
  7. "Programme Biographies: Excess Capacity and Structural Adjustment in the Steel Sector" (PDF). OECD. 18 April 2016.
  8. Pritzker, Penny (6 June 2014). "Statement from U.S. Commerce Secretary Penny Pritzker on the Confirmation of Stefan Selig as Under Secretary of Commerce for International Trade". US Dept of Commerce. Retrieved 1 July 2014.
  9. "Under Sec. Stefan Selig on the Lid re SelectUSA", soundcloud.com, siriusXM, March 26, 2015, retrieved 2016-09-17
  10. "US rejects EU proposal for investment court, insists on retaining ISDS". EurActiv. EurActiv France with AFP. 11 May 2015. Retrieved 30 May 2015.
  11. Victoria Guida (6 April 2016) Taking the TPP temperature Politico, retrieved 26 April 2016
  12. "Statement from U.S. Under Secretary of Commerce for International Trade Stefan M. Selig on Passage of Trade Promotion Authority Legislation - June 26, 2015". trade.gov. Retrieved 2016-09-17.
  13. "First India-US Strategic and Commercial Dialogue Next Month". Retrieved 2016-09-17.
  14. "Visit of Stefan Selig U.S. Embassy in Argentina". 2016-05-19. Retrieved 2016-09-17.
  15. "Commerce's Selig on U.S.-Mexico Trade Relationship". iipdigital.usembassy.gov. Retrieved 2016-09-17.
  16. "Stefan M. Selig -". trade.gov. 12 November 2014. Retrieved 2016-09-17.
  17. "Stefan M. Selig, Undersecretary of Commerce for International Trade" (PDF). United States Department of Commerce. 18 February 2016.
  18. "Doing Business in Africa". trade.gov. Retrieved 2016-09-17.
  19. Weidenhamer, Deb. "Growing American Exports, One Small Business at a Time". Retrieved 2016-09-17.
  20. Rein, Lisa (9 September 2016). "Top Obama trade official was partial to luxury hotels while he traveled on taxpayers' dime, investigators say". Washington Post. Retrieved 9 September 2016.
  21. "Final Report 15-0444" (PDF). United States Department of Commerce, Office of the Inspector General. September 2016. p. 45. Retrieved 9 June 2018.
  22. Stefan Selig (2016-09-16). "I followed proper protocol regarding my travel expenses" (letter to the editor). The Washington Post. ISSN 0190-8286. Retrieved 2016-09-17.
  23. "Stefan M. Selig profile, Huffington Post". www.huffingtonpost.com. Retrieved 2016-09-17.
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