The director of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) will leave her post after 24 years on the job. Lori Richards, who has served as director since the OCIE’s creation in May 1995, will step down on August 7.
As OCIE head, Richards managed the SEC’s examination and oversight programs for many market participants, including investment advisors, hedge fund managers, mutual funds, and credit ratings agencies.
Richards’ resume prior to her service at the OCIE includes a ten year stint with the SEC’s Los Angeles Enforcement Program, as well as a year spent as senior advisor to former SEC Chairman Arthur Levitt.
“Lori is known widely for her passionate and tireless service to the agency,” SEC Chairman Mary Schapiro said. “I’ve had the honor and privilege of knowing and working with Lori for many years, and have always appreciated her dedication, leadership and integrity. I respect her decision to leave the SEC and am grateful for her many years of public service.”
Richards will be replaced in the interim by OCIE Associate Director-Chief Counsel John Walsh.