Stefan M. Selig

Stefan M. Selig

Stefan M. Selig (born 1963) is an American investment banker and civic leader, confirmed as Under Secretary for International Trade at the Department of Commerce on June 4, 2014.

From 2014 to 2016, Under Secretary Selig led the International Trade Administration (ITA), where he was responsible for strengthening the competitiveness of U.S. industry, promoting trade and investment, and working with foreign governments to improve the global business environment.^[1] Selig is widely known and respected as a highly accomplished banker and business executive who is recognized for his experience and judgment in providing strategic and financial advice to his clients. Throughout his nearly 30-year career, Selig built a reputation as a trusted advisor and a tireless advocate for American businesses both domestically and internationally.^[2]

Early life and education

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 accepting a commission as a Second Lieutenant in the Marine Corps, but instead chose to go into business.^[3] He then attended Harvard Business School, earning an MBA in 1988.

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".^[4]

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".^[5] 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.^[5]

Selig is a Democrat, but has not been a "big Democratic donor or operative".^[6]

Under Secretary for International Trade, 2014-2016

On November 6, 2013, President Barack Obama nominated Selig as Under Secretary for International Trade at the Department of Commerce to replace Frank Sanchez.

Under Secretary Selig led the International Trade Administration (ITA), where he was responsible for strengthening the competitiveness of U.S. industry, promoting trade and investment, and working with foreign governments to improve the global business environment.^[1] In this capacity, Under Secretary Selig oversaw a team of more than 2,200 trade and investment professionals, based in 110 U.S. cities and 77 countries around the world, where he deployed a budget of over $500 million to significantly advance the national commercial and economic agenda to foster job growth by increasing U.S. exports; attracting foreign investment; building bridges between the U.S. government and the American and international business communities; and enforcing U.S. trade laws.^[1]

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] Selig’s Schedule 2012 K-1 tax document, showed the value of his account was $721,802 and another investment in Conversus Capital, of Trafalgar Court, St. Peter Port, Guernsey Channel Islands was worth $1,123,523 in 2012.^[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]

Upon his confirmation on June 4, 2014, U.S. Secretary of Commerce Penny Pritzker said: “I am very pleased that the U.S. Senate has confirmed Stefan Selig as Under Secretary for International Trade at the Commerce Department’s International Trade Administration (ITA). As a businessman with more than 30 years of experience in the global marketplace, I am confident in Stefan’s ability to lead ITA as it helps American businesses expand to new markets, create jobs and strengthen our economy.”^[8]

Pritzker mentioned 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 was the Executive Director of the Travel and Tourism Advisory Board and on the Board of Directors of the Overseas Private Investment Corporation (OPIC).^[10] Selig served as commissioner for the Congressional Executive Commission on China, Executive Director of the President’s Advisory Council on Doing Business in Africa and is a lifetime member of the Council on Foreign Relations.^[11][12]

As one of the nation’s leading commercial diplomats, Selig traveled to more than 18 countries, including six separate visits to China and five to Mexico, two of the United States’ three largest trading partners, to advance U.S. bilateral economic and commercial relationships. Selig represented the United States government at the United Arab Emirates’ World Government Summit at the invitation of the Ruler and Prime Minister of Dubai.^[13]

Selig was responsible for leading teams to advance President Obama’s trade agreements agenda by: successfully reauthorizing Trade Promotion Authority for the first time in thirteen years; advocating the Trans-Pacific Partnership, a historic, 11-country free trade agreement spanning the Pacific Rim and providing American businesses with access to markets collectively representing 40% of global GDP; concluding the Information Technology Agreement, the first World Trade Organization agreement of its kind in nearly 20 years, which covers 200 information and communications technology products valued at $1 trillion in global trade; and furthering the negotiation of the U.S. and European Union’s Transatlantic Trade and Investment Partnership.^[14]

Selig established a number of inaugural bilateral dialogues and signature programs with foreign governments including: The U.S.-India Strategic and Commercial Dialogue as a mechanism for commercial engagement focusing on ease of doing business,^[15] The U.S.-Japan Commercial Dialogue to promote increased bilateral and multilateral trade investment in the global digital economy, and The U.S.-Argentina Commercial Dialogue to address standards, trade facilitation, and regulatory cooperation between the U.S. and the new government to Argentina.^[16] Selig worked to advance The Doing Business in Africa campaign to harness the resources of the U.S. government to connect American businesses with African partners.^[17]

As Under Secretary, Selig piloted the reimagining of the annual Joint Commission on Commerce and Trade (JCCT), the United States’ premier commercial dialogue with the Chinese government, and served as the leading U.S. government interlocutor advancing key commercial and economic priorities.^[18]

Selig helped to expand SelectUSA, the first federal effort to promote the United States as the world’s most attractive investment destination, as well as to connect investors to investment opportunities, which facilitated billions of dollars in investment, retaining thousands of U.S. jobs.^[19]

In 2014, Selig achieved significant outcomes with the Mexican Government through the High-Level Economic Dialogue, co-chaired by Vice President Biden.^[20]

While at the Department of Commerce, Selig was responsible for conceptualizing and implementing a bureau-wide strategic vision called “Dare to be Great” which helped to drive U.S. commercial diplomacy to new heights by empowering staff, revamping internal processes and operations, and establishing key strategic priorities.^[21] This initiative prioritized: greater thought leadership; and elevating the bureau’s standing among U.S. and foreign government agencies and the business community; building esprit de corps among a geographically-dispersed staff.^[22]

In May 2015, Selig rejected EU concerns that the arbitration panel for investor-state dispute settlement as foreseen in the TPP would allow companies to bypass national courts, and called criticism that it undermined governments' right to regulate "misguided".^[23] Selig thinks the TPP will go through in 2016.^[24]

Selig left the Commerce Department in late June, 2016. Months after leaving, the Inspector General's office completed an investigation of Selig's office's expense reimbursements for luxury hotels while traveling on behalf of the department.^[25]

The Inspector General’s investigative report states that Selig made it known to his staff that he was willing to pay for any costs over what the government reimbursed.^[26] The report states that Selig never knowingly made any improper claim for reimbursement.^[26] Selig followed the specific instruction of the Head of Human Resources to delegate the handling of his travel expenses.^[27] The IG’s report notes, "it does not seem plausible that Selig would take any action to obtain questionable reimbursements."^[26]

Additionally, the Inspector General’s investigative report revealed that Selig inherited an office in need of repair.^[26] All repairs were supervised by the Department of Commerce, not directly by Selig’s office.^[27] Selig personally paid for the furniture and decoration personally and offered to leave it to the Department.^[27]

Personal

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.^[28]

References