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Posted 30 May, 2023

SIEBERT FINANCIAL CORP appointed John J. Gebbia as new CEO

Nasdaq:SIEB appointed new Chief Executive Officer John J. Gebbia in a 8-K filed on 30 May, 2023.


  On May 24, 2023, the Board of Directors of Siebert Financial Corp. (the "Company") appointed John J. Gebbia as Chairman of the Board and Chief Executive Officer and appointed Simon Shin to the Company's Board of Directors.  

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Overview of SIEBERT FINANCIAL CORP
Financial Services • Securities
Siebert Financial Corp. is bank holding company, which provides brokerage and financial advisory services. It conducts the following lines of business through its wholly-owned subsidiaries: Retail Brokerage Business, Investment Advisory Services, Insurance Services, Robo-Advisory Technology Development, and Prime Brokerage Services. The company was founded in 1934 and is headquartered in New York, NY.
Market Cap
$71.2M
View Company Details
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On May 24, 2023, the Board of Directors of Siebert Financial Corp. (the "Company") appointed John J. Gebbia as Chairman of the Board and Chief Executive Officer and appointed Simon Shin to the Company's Board of Directors.


Mr. Gebbia has been a member of the Company's Board of Directors since 2020 and served as a special advisor to the Company's Board of Directors from 2017 to 2020. Mr. Gebbia is married to Gloria Gebbia, a director of the Company.


Mr. Gebbia has extensive experience in the financial services industry. Prior to his family's acquisition of a controlling interest in the Company, Mr. Gebbia led his family's acquisition of Kennedy Cabot & Co., which he grew into a leading independent discount stockbroker in the United States and later sold to TD Bank.


Mr. Shin brings over 15 years of experience working in global technology companies across various functions including strategy, investing, and engineering. He is currently head of the Payment Business Group and Corporate Development Office of Kakaopay Corporation ("Kakaopay"), a company established under the Laws of the Republic of Korea and a fintech subsidiary of Korean-based conglomerate Kakao Corp.


Before Kakaopay, Mr. Shin was a Vice President of Kakao Corp., a Director and Head of Open Innovation at Samsung Electronics, an Engagement Manager at McKinsey & Company, a Senior Research Scientist at Intel Corporation, and a Software Engineer at Naver Corporation. Mr. Shin received a B.S. in Electrical Engineering from Seoul National University and a Ph.D. in Electrical Engineering from Stanford University. His appointment to the Board of Directors was pursuant to the Stockholders Agreement among the Company, Kakaopay, and certain Gebbia family members, entered into as part of Kakaopay's investment in the Company as previously disclosed in the Company's Current Report on Form 8-K filed on May 3, 2023.


No Offer or Solicitation


This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction in connection with the stock purchase agreements, the transactions or stockholder approval or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this communication is not an offer of securities for sale into the United States. No offer of securities shall be made in the United States absent registration under the Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.


Participants in the Solicitation


The Company and their directors and executive officers may be deemed participants in the solicitation of proxies of the Company's stockholders in respect of the proposed Second Tranche Stock Purchase Agreement with Kakaopay, which is described in the Company's Current Report on Form 8-K filed on May 3, 2023. The Company's stockholders and other interested persons may obtain more detailed information about the names and interests of these directors and officers of the Company, including, when filed with the SEC, the Company's proxy statement. These documents can be obtained free of charge at the SEC's web site at www.sec.gov.


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