Financial services giant Charles Schwab is expected to announce next week that it is hiring former Securities and Exchange Commission regional director and former federal prosecutor Shamoil Shipchandler as its new chief counsel.
Shipchandler’s last day at Jones Day, where he had been a partner in its white collar and internal investigations practice for two years, was Friday. He starts his new job at Schwab Jan. 25.
Schwab, which relocated its headquarters from San Francisco to Westlake Jan. 1 and sports a $110 billion market cap, recently created the position of chief counsel, which will oversee the company’s risk and regulatory legal group, litigation and arbitration docket, enforcement and regulatory proceedings, internal investigations and employment law matters.
Shipchandler, who will be the first person to hold the new position, said Schwab’s decision to offer him the job was “completely unexpected.”
“The culture at Jones Day is second to none and I could not imagine leaving the firm except for this really unique opportunity,” he told The Texas Lawbook in an exclusive interview.
During his time at Jones Day, Shipchandler said he worked on several confidential matters, including internal investigations of large corporations under SEC and Justice Department scrutiny and cybersecurity and corporate compliance matters.
Shipchandler said he has not been to Schwab’s new offices in Westlake because of the COVID-19 pandemic. Exactly two years ago, he resigned his post as director of the SEC’s Fort Worth Regional Office while the offices were closed because of a federal government shutdown.
“I don’t seem to time my departures very well,” he joked.
In a statement, Schwab General Counsel Peter Morgan said he was “truly delighted to welcome Shamoil” to the company’s legal department.
“A leader like Shamoil, with such a distinguished career, will only strengthen Schwab’s ability to serve our clients,” Morgan said. “I look forward to working with Shamoil and benefiting from his deep expertise and strategic thought-partnership.”