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.
In 1994,Selig joined UBS as head of its financial sponsor group and as co-head of mergers and acquisitions. He moved to SociétéGénérale in 1998,and then Bank of America from 1999 until 2014. He rose to executive vice chairman of global corporate and investment banking,where he was "known for advising on consumer and retail deals",including the 2013 sale of Yankee Candle Co. to Jarden Corp. for $1.75 billion and a number of deals for L Brands. [3]
In 2017 Selig founded BridgePark Advisors, [4] and he has been chairman of a number of public companies including Rotor Acquisition in 2021 [5] and Venator Materials in 2023. [6]
In 2023 and 2024 he appeared on CNBC and Bloomberg with contributions about geopolitical implications of US-China trade and US elections. [7] [8] Selig also advises on corporate restructurings,including the bankruptcy of Northvolt in 2024. [9]
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. [10]
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,including at the Ugland House. [11]
Agenda
Upon his confirmation on June 14,2014,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. [12] In 2015,he expanded SelectUSA,the first federal effort to promote the US as the world’s most attractive investment destination. [13]
Along with advocacy for the Trans-Pacific Partnership,he led the International Trade Administration to strengthen U.S. industry competitiveness,promote trade and investment and to improve the global business environment. [12] 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. [14] He established the U.S.-India Strategic and Commercial Dialogue [15] the U.S.-Japan Commercial Dialogue,and the U.S.-Argentina Commercial Dialogue. [16] In 2014,Selig achieved outcomes with the Mexican Government through the High-Level Economic Dialogue,co-chaired by Vice President Biden. [17]
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. [18] [19] [20] He revamped operations and priorities for U.S. commercial diplomacy staff. [21]
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. [22] Selig claimed in a letter to the editor that he had "followed proper protocol" and delegated the handling of his travel expenses. [23] The Inspector General's report summarized that Selig did not obtain questionable reimbursements." [24]
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