Well, that was quick. Not quite seven months after being tapped as CEO of the Securities Industry and Financial Markets Association, former Sen. Judd Gregg, R-N.H., is stepping down.
A statement by SIFMA stretched the length of Gregg's tenure a bit, underscoring how brief an encounter it all was. "I also want to thank Judd for his valuable insight over the last year and am pleased he has agreed to remain involved with SIFMA as a senior advisor as we communicate the important role a vibrant financial system plays in providing access to capital and credit that promotes economic growth and job creation," SIFMA Chairman Jim Rosenthal said.
Judd's hiring was announced on May 20 to much fanfare. "It is an honor to join SIFMA as CEO," Gregg said in a statement at the time. "We are facing a great many challenges and I look forward to working with legislators and regulators together as we improve our economy and the lives of our citizens." At least for seven months.
It was reminiscent of Judd's aborted nomination to be President Barack Obama's Commerce secretary, which lasted all of a few days in February 2009 before the senator realized he was a Republican and that a Democratic president had asked him to work for him.
Former Rep. Ken Bentsen Jr., D-Texas, who has been with SIFMA since 2009 and filled in as interim CEO before the group hired Gregg, was tapped to be CEO. He had most recently been SIFMA's president. "I can't envision a better team than Judd and Ken to lead us," Rosenthal said back in May. How about just Ken, then?
"Ken has been an outstanding member of the SIFMA management team for the past five years and we are pleased he will lead SIFMA in our important mission," Rosenthal said in Thursday's statement.