If you’ve read the financial headlines during the past few months, you may have noticed a string of some rather significant departures or planned departures at the Securities and Exchange Commission. While a turnover rate that evokes the image of a revolving door isn’t particularly unusual at the government agency, some observers say the recent exodus could have an impact on public companies.
In addition to the departure of Chairman William Donaldson, notable exits at the Commission in recent months have included David Kornblau, chief litigation counsel of the agency’s enforcement division; Joseph Hall, managing executive for policy; Peter Derby, managing executive for operations and management; and Division of Enforcement director Stephen Cutler, among others. In addition, Commissioner Harvey Goldschmid, one of the SEC’s two Democrats, is slated to leave the agency this summer to return to teaching at Columbia University.
