Today, the SEC announced that Acting Director of Enforcement George Canellos and Andrew Ceresney have been named Co-Directors of the Division of Enforcement. As discussed here previously, Ceresney is a partner at law firm Debevoise & Plimpton, and he worked with new chairman Mary Jo White while at that firm and also while he was a federal prosecutor in the Southern District of New York.
Canellos has served as Acting Director since Rob Khuzami's departure in January 2013, and he served as the division's Deputy Director since June 2012. From July 2009 to June 2012, Canellos served as Director of the SEC's New York Regional Office.
Prior to joining Debevoise, Ceresney served as a Deputy Chief Appellate Attorney in the SDNY, where he was a member of the Securities and Commodities Fraud Task Force and the Major Crimes Unit.
In a statement, White called Canellos and Ceresney "two of the best lawyers and finest people I know" and a "perfect combination to lead the talented Enforcement Division professionals who protect investors and keep our markets safe and vibrant.”
The SEC did not explain why it was establishing co-heads of the Enforcement Division, which may be unprecedented. However, Having some commentators have speculated that the arrangement may be in place to help manage conflict situations that may arise from Ceresney's (and White's) work for former Debevoise clients.