William L. Tolbert Jr., Associate Director, Division of Corporation Finance, To Leave Commission

FOR IMMEDIATE RELEASE
2003-37

Washington, D.C., March 20, 2003 -- The Securities and Exchange Commission announced that William L. Tolbert Jr., Associate Director of the Division of Corporation Finance, will leave the SEC and join the private sector.

Tolbert joined the SEC's Corporation Finance Division in 1988. Tolbert was named an Associate Director of Disclosure Operations in 2000. Prior to that he served as an Assistant Director of the office in charge of reviewing filings by companies in the transportation and leisure industries.

"Bill Tolbert has been an enormous contributor to the work of the Division and the SEC and an example for us all," said Alan Beller, Director of the Division of Corporation Finance. "The SEC is a great organization, and it is axiomatic that in great organizations no one is indispensable. Bill's departure will put that axiom to a stern test."

Tolbert said, "Serving the public and the Commission has been a magnificent experience. It has been an honor to play a role in protecting investors and an inspiration to work with such dedicated and talented colleagues in the Division of Corporation Finance."

Tolbert, 40, is a graduate of the Ohio State University and Case Western Reserve University Law School.