William Donaldson, the 27th chairman of the United States Securities and Exchange Commission (SEC), will step down on June 30, according to a report by The New York Times.
Donaldson’s resignation comes one day before his 74th birthday and signals the end of a tenure that began in February 2003 after his predecessor Harvey Pitt. His term was dominated by the deluge of corporate scandals and by state regulators such as New York Attorney General Eliot Spitzer increasing their regulatory and compliance efforts.
Under his reign, the SEC approved rules that included requiring hedge funds to register and RegNMS, which requires stock orders to be filled at the best price available.
“When I assumed the chairmanship of the Securities and Exchange Commission roughly two and one-half years ago, public confidence was severely undermined, reflecting the corporate and financial scandals that had shaken the nation,” Donaldson said in a statement. “Thanks to the dedicated efforts of the many professionals who serve at the SEC, this period has represented an extraordinarily active and effective time for the agency.”
“As Chairman of the U.S. Securities and Exchange Commission, William Donaldson has been a champion of investors and has successfully led the drive to restore confidence in U.S. financial markets and corporate America,” said John Thain, CEO of the New York Stock Exchange (NYSE), in a statement.
Prior to his role at the SEC, Donaldson founded the brokerage firm of Donaldson, Lufkin & Jenrette in 1959 and was a chairman of the NYSE. President Bush named him chairman of the SEC in 2003.