Online brokerage Robinhood Markets Inc. announced on Tuesday (June 1) it named former Apple Inc executive Jon Rubinstein and former World Bank president Robert Zoellick as independent directors, adding that they will be appointed to the Board of Directors “immediately.”
Meanwhile, PricewaterhouseCoopers partner Paula Loop, also a new independent director, will join the board on June 17.
“Jon, Paula and Bob bring tremendous experience across finance, technology, accounting, governance, international markets and public policy,” CEO and Co-Founder Vlad Tenev said in a statement.
Other members of Robinhood’s Board of Directors include Tenev, Chief Creative Officer and Co-Founder Baiju Bhatt, and independent directors Jan Hammer, Partner at Index Ventures, and Scott Sandell, Managing General Partner at NEA.
Robinhood filed confidentially to the U.S. Securities and Exchange Commission in March for an initial public offering (IPO). The California-based company selected Nasdaq as the venue for its listing. Under the Investment Company Act of 1940, the SEC has the ability to scrutinize a public company’s selection of independent directors.
Jon Rubinstein, Robinhood’s new lead director, has held several prominent positions across technology and financial services over the course of his career, including serving as co-CEO at Ray Dalio’s Bridgewater Associates. Rubinstein is currently a senior advisor at PDT Partners, a quant investment firm.
“Robinhood has transformed investing, opening up access to the markets to a generation of investors,” Rubinstein stated. “I’m delighted to join Robinhood’s Board of Directors as the company continues to build toward a more equitable financial system.”
Robert Zoellick is a Senior Fellow of the Belfer Center for Science and International Affairs at Harvard University and Senior Counselor at the Brunswick Group. He served in various posts in the public sector, including President of the World Bank, U.S. Trade Representative, Deputy Secretary of State, Counselor to the Secretary of the Treasury, and Deputy Chief of Staff at the White House. He also worked at Goldman Sachs, which has reportedly worked with Robinhood to prepare its IPO.
“Expanding access to the financial system has been a goal of policymakers for decades,” said Zoellick. “Robinhood is leading the way in breaking down barriers that have prevented so many people from becoming investors.”
Paula Loop works as a partner at PwC with a focus on financial governance. She has extensive experience in governance, technical accounting and SEC and financial reporting matters.
“I look forward to helping the company as it continues on what has already been a remarkable journey in welcoming millions of first-time investors into the market” she said.
Robinhood, a FINRA-regulated broker-dealer, registered with the U.S. Securities and Exchange Commission, and a member of the Securities Investor Protection Corporation, saw its popularity soar in 2020 but was at the heart of the meme-stock frenzy earlier this year and is currently facing 50 active lawsuits and increased regulatory scrutiny.
The app allows users to buy, sell, trade, and invest in stocks and other investments (like cryptocurrency) without paying commission fees. The company’s name comes from its mission to “provide everyone with access to the financial markets, not just the wealthy”.