John White Leaving the SEC

The exodus has begun. The SEC announced today that John W. White, Director of the Division of Corporation Finance, is leaving in December and will return to his law practice at Cravath, Swaine & Moore LLP in New York. White came to the SEC in early 2006 after being a partner at Cravath for many years.

It was widely expected that John would depart following the election. He has been a highly intelligent leader of Corp Fin, but I will admit that I do not have a sense that small business issues were a high priority for him, especially given his background at one of the nation’s largest law firms dealing with some of the world’s biggest companies. He did, however, preside over the implementation of six major recommendations of the SEC’s Advisory Committee on Smaller Public Companies, but frankly those were more at the impetus of Chairman Christopher Cox and the SEC’s Office of Small Business Policy than Corp Fin leadership.

John’s official quote in the announcement was, “I am honored to have had the opportunity to lead the Division of Corporation Finance during this time of globalization, technological change, and recent market challenges. It has been a privilege to serve under Chairman Cox and the other members of the Commission and alongside the agency’s talented and dedicated staff — they are among the government’s finest. The Division of Corporation Finance has a long and proud tradition of excellence, and I am grateful to have been a part of that tradition over the past few years.”

I like John, I believe he served our country well and I wish him all the best as he rejoins us in the private sector.

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