Chairman William H. Donaldson Announces Selection of Leadership Team

FOR IMMEDIATE RELEASE
2003-50

Washington, D.C., April 23, 2003 -- Chairman William H. Donaldson today announced the appointment of Laura Cox, Peter Derby and Patrick Von Bargen to serve as the leadership team in the Office of the Chairman at the Securities and Exchange Commission.

"The Securities and Exchange Commission has received tremendous new resources, and there is a unique and exciting opportunity for the Commission to use these resources to create a quicker, more agile and more proactive organization. Strong and effective management is crucial to this transition and is as much a part of investor protection as any aspect of the Commission's work. Our outreach to investors and the public, our management of the Commission's unprecedented growth, and our continued pursuit of a thorough and fair regulatory and enforcement program are all vital aspects of our mission. Each should have the full attention of the Chairman's office.

"I have asked Laura, Peter and Patrick to each focus their efforts on one facet of this mission. They each bring a wealth of experience to their position, and I look forward to working with them to further the best interests of America's investors," Chairman Donaldson said.

Laura Cox has been named Managing Executive for External Affairs. In this position Cox will assist the Chairman with the oversight of the Commission's legislative affairs, public affairs, intergovernmental affairs and investor education efforts and provide coordinated, strategic advice in these areas. Cox currently serves as Deputy Assistant Secretary for Banking and Finance in the Office of Legislative Affairs at the U.S. Department of the Treasury where she is responsible for representing the Administration's domestic finance agenda and priorities with Members of Congress and congressional staff. Prior to joining the Treasury, Cox was Vice President for Strategic Policy Communications, Government and Regulatory Affairs at Instinet Corporation. Prior to Instinet, Cox spent eight years on Capitol Hill — six with Senate Banking Committee Chairman Richard C. Shelby (R-AL) and as Communications Director to the Senate Republican Conference Vice Chairman, Paul Coverdell (R-GA). She began her tenure in Washington in the office of Rep. Charles W. Stenholm (D-TX).

Peter Derby has been named Managing Executive for Operations. In this position Derby will assist the Chairman with the increase in the SEC's operational effectiveness and responsiveness while considering administrative, operational and management issues as the Commission grows. Derby has served as an elected member of the Board of Trustees of the Village of Irvington-on-Hudson, New York, since 2002. Derby spent a decade in Russia, where he participated in the founding of DialogBank, the first private Russian bank to receive an international banking license. He was named CFO in 1990, served as President and CEO from 1991 to 1997 and as Chairman from 1997 to 1998. Additionally, Derby founded the first Russian investment firm, Troika Dialog and served as President and CEO from 1991 — 1996 and as Chairman from 1996 to 1997. Prior to his tenure in Russia, Derby was a Corporate Finance Officer at National Westminster Bank from 1985 to 1990, and an Auditor at Chase Manhattan Bank from 1983 to 1985, both in New York City.

Patrick Von Bargen has been named Managing Executive for Policy and Staff. In this position Von Bargen will assist the Chairman with the promulgation and enforcement of policies, regulations, rules and procedures governing markets and issuers. He will be Chairman Donaldson's primary liaison with the other Commissioners' offices and conduct the management of the Chairman's personal office. Prior to joining the Securities and Exchange Commission, Von Bargen was Executive Director of the National Center for Regional Innovation and Competitiveness and Vice President of the Council on Competitiveness, a public policy organization of major CEO's, university presidents and labor leaders founded in 1986 by Hewlett-Packard President John Young. From 1999 to 2002, he was the founding Executive Director of the National Commission on Entrepreneurship. Von Bargen served as Chief of Staff for United States Senator Jeff Bingaman (D-NM) from 1989 to 1999. He practiced law first in San Francisco at the law firm of Morrison and Foerster and then became a partner with Hutchinson, Black, Hill and Cook in Boulder, Colorado. Von Bargen began his career as an associate with Sequoia Funds, a Menlo Park, California, venture capital fund.