Business
Siebert Announces Chairman and CEO Appointment, New Board Member, and Close of Kakao Pay’s $17.4 Million Investment in Siebert
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
About this update from Siebert Financial Corp.
[{"type":"text","content":"\nJohn J. Gebbia Appointed as Chairman of the Board and Chief Executive Officer of Siebert\n\n\nKakao Pay’s Simon Shin Appointed to Siebert’s Board of Directors\n\n\nClose of Kakao Pay’s Investment of $17.4 Million in Siebert on May 18, 2023\n\n\nKakao Pay, Fintech Subsidiary of Korean-Based Conglomerate Kakao Corp., Has Approximately 40 Million Registered Users and Offers Diverse Array of Financial Services\n\n\n NEW YORK--(BUSINESS WIRE)--\nSiebert 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.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230529005201/en/John J. Gebbia - Chairman and CEO of Siebert (Photo: Business Wire)\nBackground on John J. Gebbia\n\n\nJohn 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.\n\n\nBorn 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.\n\n\nMr. Gebbia and the ...