Kevin Warsh, who is set to become the new head of the U.S. Federal Reserve, has started selling his shares in Coupang Inc., the parent company of Coupang, where he once held a director position. This action complies with Federal Reserve ethical guidelines that forbid senior officials, including the chair, from owning stocks or bonds in certain companies.
As per a U.S. Securities and Exchange Commission (SEC) document dated the 16th, Warsh filed a “Notice of Intended Sale of Securities.” The intended sale is scheduled for May 15, including 102,363 shares (worth $1,681,998). In the filing, Warsh is referred to as a “former director.” The shares up for sale are restricted stock units (RSUs) he obtained in four installments as payment for his board role from August 2021 to June of the previous year.
The documents show that Warsh owns a total of 459,102 Coupang shares, and this transaction represents 22.3% of his holdings. The shares will be sold in portions to reduce any effect on the market. In another statement, Coupang said, “The U.S. Senate approved Warsh as Federal Reserve chair on the 13th, which led to his immediate departure from the company’s board. Federal ethics guidelines prevent someone from holding both roles at the same time.” Coupang also mentioned that they will not fill Warsh’s position, resulting in one fewer member on the board.
Warsh and Coupang’s chairman, Kim Bom-suk, are both graduates of Harvard University. He is also the son-in-law of the Estée Lauder family, as he married Jane Lauder, the daughter of Ronald Lauder, who previously served as chairman of Estée Lauder International and president of the World Jewish Congress, in 2002. Ronald Lauder has been a long-standing supporter of Trump and has maintained a friendship with him for six decades.
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