In a sign that the current Securities and Exchange Commission administration is reaching the end of its cycle, two SEC officials have announced their resignations in the past two days. Deputy Chief of Staff Alexander F. Cohen announced Monday that he would leave the SEC in December, while yesterday saw the departure of Chief Accountant Conrad W. Hewitt, who will step down in January.
Cohen, who joined the SEC in 2006 before becoming deputy chief of staff in May of 2008, functioned in part as a legal counsel to Chairman Chris Cox. During his tenure he oversaw developments between international financial reporting standards (IFRS) and U.S. generally accepted accounting principles (GAAP), in addition to his duties in the recent financial crisis.
“Alex has done outstanding work for the benefit of investors,” said Chairman Cox of the departing deputy chief of staff. “His service to all of the Commissioners, and the close working relationships he developed with Commission staff in each of the Divisions and Offices, were exemplary. The SEC and the nation are fortunate to have had a leader of his caliber in these critical times.”
Hewitt, who began his work with the SEC in August of 2006, was responsible for developing the usefulness of financial reporting, including efforts to clarify Sarbanes-Oxley. “His outstanding contributions to the Commission and, more importantly, to the nation’s investors have served our nation well,” said Cox.
These two departures are only the latest in a series that demonstrates the end of the Cox SEC administration. Last week saw the resignation of General Counsel Brian Cartwright, and earlier in the month John White, the agency’s director of corporation finance, announced that he would return a career in the legal sector.