Stefan M. Selig | |
|---|---|
 | |
| Under Secretary of Commerce for International Trade | |
| In office June 4, 2014 – June, 2016 | |
| President | Barack Obama |
| Preceded by | Frank Sanchez |
| Succeeded by | Gilbert B. Kaplan |
| Personal details | |
| Born | 1963 (age 60–61) New York, New York |
| Political party | Democratic |
| Spouse | Heidi Selig |
| Residence | New York, New York |
| Alma mater | Wesleyan University (B.A.) Harvard University (M.B.A.) |
| Profession | Investment Banker |
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.
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]
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] Selig is the chairman of Rotor Acquisition.[5]
In November 2013, President Barack Obama nominated Selig as Under Secretary for International Trade at the Department of Commerce to replace Frank Sanchez.[6]
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."[7] Orrin Hatch (R) reminded the committee that President Obama had characterized these types of investments as “betting against America" during his 2012 election campaign.[7] 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).[8]
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.[9]
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.[8] In 2015, he expanded SelectUSA, the first federal effort to promote the US as the world’s most attractive investment destination.[10] 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".[11] Selig thought the TPP would go through in 2016.[12] He led the International Trade Administration to strengthen U.S. industry competitiveness, promote trade and investment and to improve the global business environment.[8] 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.[13] He established the U.S.-India Strategic and Commercial Dialogue[14] the U.S.-Japan Commercial Dialogue, and the U.S.-Argentina Commercial Dialogue.[15] In 2014, Selig achieved outcomes with the Mexican Government through the High-Level Economic Dialogue, co-chaired by Vice President Biden.[16]
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.[17][18][19] He revamped operations and priorities for U.S. commercial diplomacy staff.[20]
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.[21] The Inspector General's report stated that Selig never knowingly made any improper claim for reimbursement and that “it does not seem plausible that Selig would take any action to obtain questionable reimbursements."[22] Selig claimed in a letter to the editor that he had "followed proper protocol" and delegated the handling of his travel expenses.[23]
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.[24]