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News May 14, 2018 Issue

Piwowar Plans July Departure

Michael Piwowar will be leaving his role as an SEC commissioner on July 7 or the swearing in of his successor, whichever comes first. He sent a letter to President Donald Trump on May 7 announcing his resignation.

Unlike most commissioners, Piwowar, a commissioner since August 2013, served as acting chairman of the SEC for several months after former chair Mary Jo White left before President Trump took office. SEC chairman Jay Clayton praised Piwowar’s leadership, "including during his tenure as chairman, during which he advanced a number of important initiatives in times that saw significant developments in our markets.

Kirkland and Ellis partner and former Division of Investment Management director Norm Champ said that he "very much enjoyed working with Mike at the SEC. He is a brilliant economist who brought those skills to bear on the rulemaking process. Mike was a tireless advocate for maintaining U.S. capital markets as the best in the world. I think he will be missed at the SEC."