Stefan M Selig

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 the Marine Corps, but instead chose to go into business, 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".

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". 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.

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. In February 2014 Salon.com wrote that Selig "received more than $9 million in bonus pay ... in addition to the $5.1 million in incentive pay awarded in 2013.

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." 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. Orrin Hatch (R) reminded the committee that President Obama had characterized these types of investments as “betting against America" during his 2012 election campaign. 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).

Agenda

Upon his confirmation on June 4, 2014, U.S. Secretary of Commerce Penny Pritzker said 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.

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. In 2015, he expanded SelectUSA, the first federal effort to promote the US as the world’s most attractive investment destination. He advocated for the Trans-Pacific Partnership and in May 2015, rejected EU concerns that the arbitration panel for investor-state dispute settlement would allow companies to bypass national courts, calling criticism that it undermined governments' right to regulate "misguided". Selig thought the TPP would go through in 2016. He led the International Trade Administration to strengthen U.S. industry competitiveness, promote trade and investment and to improve the global business environment. 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.

Selig negotiated the Transatlantic Trade and Investment Partnership. He established the U.S.-India Strategic and Commercial Dialogue the U.S.-Japan Commercial Dialogue, and the U.S.-Argentina Commercial Dialogue. In 2014, Selig achieved outcomes with the Mexican Government through the High-Level Economic Dialogue, co-chaired by Vice President Biden.

He was 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.

He implemented "Dare to be Great" to empower U.S. commercial diplomacy staff, revamp operations, and establish priorities.

Investigation

In September 2016, the Inspector General's report stated that Selig made it known to his staff that he was willing to pay for any costs over what the government reimbursed. Selig wrote in a letter to the editor that he "followed proper protocol" and delegated the handling of his travel expenses.

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.