John J. Gebbia Appointed as Chairman of the
Board and Chief Executive Officer of Siebert
Kakao Pay’s Simon Shin Appointed to Siebert’s
Board of Directors
Close of Kakao Pay’s Investment of $17.4
Million in Siebert on May 18, 2023
Kakao Pay, Fintech Subsidiary of Korean-Based
Conglomerate Kakao Corp., Has Approximately 40 Million Registered
Users and Offers Diverse Array of Financial Services
Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a
diversified provider of financial services, today announced that
John J. Gebbia has been appointed as Chairman of the Board and
Chief Executive Officer of Siebert, effective 5/24/23, the
appointment of Simon Shin to Siebert’s Board of Directors, and the
close of Kakao Pay’s $17.4 million investment in Siebert.
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John J. Gebbia - Chairman and CEO of
Siebert (Photo: Business Wire)
Background on John J. Gebbia
John J. Gebbia brings decades of leadership experience and
expertise in the financial services industry to his new role and
will be responsible for leading Siebert in its next phase of
innovation and growth. Mr. Gebbia has been a member of Siebert’s
Board of Directors since 2020 and served as a special advisor to
Siebert’s Board of Directors from 2017 - 2020. After the purchase
of Siebert by the Gebbia Family in 2016, Mr. Gebbia was
instrumental in growing Siebert’s annual revenue from $10 million
to over $67 million in 2021, the acquisition of the self-clearing
brokerage StockCross Financial Services, Inc., and diversifying and
expanding Siebert’s business lines.
Born in Sicily, Italy, and immigrating with his family through
Ellis Island, NY, the beginnings of his business success started on
the floor of the New York Stock Exchange. Mr. Gebbia has completed
dozens of transactions over his career and held executive roles at
companies such as Merrill Lynch; Walston & Company; and Jesup,
Josephthal & Co. Mr. Gebbia’s most notable transaction was the
acquisition of Kennedy Cabot & Co. for approximately $7
million, which he grew into the leading independent discount
stockbroker in the U.S., and ultimately sold to Toronto-Dominion
Bank 7 years later for approximately $155 million.
Mr. Gebbia and the Gebbia Family have also flourished in other
business ventures in real estate, entertainment and sports. In
addition to his business accomplishments, Mr. Gebbia has been
married to Gloria E. Gebbia for over 60 years, and together they
have 10 grandchildren and have raised three successful sons: John,
Richard and David, who currently lead Siebert’s management
team.
New Siebert Board Member Simon Shin and Close of Kakao Pay
Investment
Siebert also announced that Simon Shin has been appointed to
Siebert’s Board of Directors as part of the recently announced
investment by Kakao Pay in Siebert, and that the $17.4 million
investment from Kakao Pay closed on May 18, 2023. 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 Kakao Pay’s Payment Business
Group and Corporate Development Office. Before Kakao Pay, 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.
Management Commentary
“We are delighted to welcome our new Chairman of the Board and
CEO, John J. Gebbia, as well as Mr. Shin to our Board of Directors
at a pivotal time in Siebert’s growth story,” said Gloria E.
Gebbia, controlling shareholder and board member of Siebert. “John
J. Gebbia has a proven track record and will help Siebert
successfully navigate into a new era and thrive going forward. He
is a strategic leader with the capability to identify value and
deliver impressive results and growth in current and new business
lines. Mr. Shin from Kakao Pay is an accomplished executive with
global experience and adds significant strength and depth to our
Board of Directors. Mr. Shin’s extensive fintech experience will be
critical in helping Siebert advance to the next era of technology
and new offerings for our clients.”
“I am honored to take on this important role and lead Siebert
forward,” said John J. Gebbia. “Siebert has evolved and grown
significantly since its acquisition by the Gebbia Family, and
especially in light of our new partnership with Kakao Pay, we truly
believe this is only the beginning. I look forward to working
closely with our experienced senior leadership team and employees
to ensure the long-term success of the business. The appointment of
Mr. Shin to our Board of Directors and the close of the first
investment from Kakao Pay continue to solidify our partnership with
Kakao Pay, and mark the beginning of a great chapter of growth for
both firms.”
“I am very pleased to become a board member of Siebert and
embark on a new journey of Siebert’s new chapter,” said Siebert’s
new director Simon Shin. “I look forward to working closely with
the new CEO, John J. Gebbia, and other members of Siebert’s Board
of Directors to maximize the synergies between Kakao Pay and
Siebert. With the advanced technology of Kakao Pay and Siebert’s
extensive experience in the finance industry, this partnership will
accelerate the growth of both firms.”
Notice to Investors
This communication is provided for informational purposes only
and is neither an offer to sell nor a solicitation of an offer to
buy any securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert is a diversified financial services company and has been
a member of the NYSE since 1967 when Muriel Siebert became the
first woman to own a seat on the NYSE.
Siebert operates through its subsidiaries Muriel Siebert &
Co., Inc., Siebert AdvisorNXT, Inc., Park Wilshire Companies, Inc.,
RISE Financial Services, LLC, Siebert Technologies, LLC and
StockCross Digital Solutions, Ltd. Through these entities, Siebert
provides a full range of brokerage and financial advisory services
including securities brokerage, investment advisory and insurance
offerings, securities lending, and corporate stock plan
administration solutions. For over 55 years, Siebert has been a
company that values its clients, shareholders, and employees. More
information is available at www.siebert.com.
About Kakao Pay
Kakao Pay is a TechFin subsidiary of Kakao Corp., spun off in
April 2017. Kakao Pay has been building a lifestyle financial
platform leading the transition into a wallet-less society where
all we need is a smartphone to pursue any economic activity at any
time in any place.
Since Kakao Pay launched the first mobile payment service in
Korea in 2014, Kakao Pay has grown into the industry’s leading
innovator, offering a diverse lineup of innovative financial
services including online/offline payment, money transfer,
membership, bill payment, and authentication. Starting with the
investment service in November 2018, Kakao Pay has expanded its
services from credit rating to loans and insurance providing easy
access to financial services for everyone. The company is
alleviating multiple inconveniences by offering daily financial
services and accomplishing remarkable growth.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release, that are not
historical facts, including statements about our beliefs and
expectations, are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements preceded by, followed
by or that include the words “may,” “could,” “would,” “should,”
“believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,”
“project,” “intend” and similar words or expressions. In addition,
any statements that refer to expectations, projections, or other
characterizations of future events or circumstances are
forward-looking statements.
These forward-looking statements, which reflect our management’s
beliefs, objectives, and expectations as of the date hereof, are
based on the best judgment of our management. All forward-looking
statements speak only as of the date on which they are made. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions relating to factors that could cause
actual results to differ materially from those anticipated in such
statements, including, without limitation, the following: economic,
social and political conditions, global economic downturns
resulting from extraordinary events such as the COVID-19 pandemic
and other securities industry risks; interest rate risks; liquidity
risks; credit risk with clients and counterparties; risk of
liability for errors in clearing functions; systemic risk; systems
failures, delays and capacity constraints; network security risks;
competition; reliance on external service providers; new laws and
regulations affecting our business; net capital requirements;
extensive regulation, regulatory uncertainties and legal matters;
failure to maintain relationships with employees, customers,
business partners or governmental entities; the inability to
achieve synergies or to implement integration plans and other
consequences associated with risks and uncertainties detailed in
our filings with the SEC, including our most recent filings on
Forms 10-K and 10-Q.
We caution that the foregoing list of factors is not exclusive,
and new factors may emerge, or changes to the foregoing factors may
occur, that could impact our business. We undertake no obligation
to publicly update or revise these statements, whether as a result
of new information, future events or otherwise, except to the
extent required by the federal securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20230529005201/en/
Investor Relations: Alex Kovtun and Matt Glover Gateway
Group, Inc. 949-574-3860 sieb@gatewayir.com
Siebert Financial (NASDAQ:SIEB)
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