The U.S. Securities and Exchange Commission (SEC) has tapped a former employee for its new head of enforcement — charged with leading the agency’s shifting approach to regulatory compliance.
The regulator named David Woodcock — currently a partner at a L.A.-based law firm, Gibson, Dunn & Crutcher LLP — as the director of the enforcement division, effective May 4.
Last month, the agency’s recently appointed head of enforcement, Margaret Ryan, resigned after just six months on the job.
The SEC has been undergoing a stark shift in its approach to enforcement — dropping certain cases that were brought under the previous administration, reducing the volume of enforcement activity, and pledging to focus on complex frauds.
During his previous stint at the regulator, Woodcock headed the SEC’s Fort Worth office, and he also created a unit to target alleged violations involving accounting rules and misleading financial statements. He holds a Bachelor of Science degree in accounting from Louisiana State University, and worked as an accountant at Ernst & Young and Price Waterhouse before becoming a lawyer.
In private practice, he has also worked as in-house counsel at Exxon Mobil Corp., and served as an adjunct professor at Texas A&M University School of Law.
In his return to the SEC, it’s expected that Woodcock will pursue the agency’s new approach to enforcement.
“I am incredibly pleased to have David rejoin the SEC at this critical time, as we continue to focus on the types of misconduct that inflict the greatest harm to investors,” said SEC chairman Paul Atkins in a statement.
“With experience as a senior officer at the SEC, global law firm partner, a certified public accountant, and senior in-house corporate attorney, David is a foremost expert in all relevant facets of securities law and has deep institutional knowledge,” he added.
In a release, Woodcock said, “My commitment is to lead the division with the highest level of professionalism and rigor as we execute the chairman’s vision and ensure the integrity of our financial markets.”