Jim McConnell, SEC Executive Director, Retires

FOR IMMEDIATE RELEASE
2006-37

Washington, D.C., March 14, 2006 — The Securities and Exchange Commission announced today that Jim McConnell, the agency's Executive Director for the past 16 years, intends to retire at the beginning of June. For the next two months, McConnell will assist with transition efforts and intends to pursue private sector options starting in the fall.

"As the agency's Executive Director for 16 years, Jim McConnell has become an institution at the SEC," said Chairman Christopher Cox. "He has overseen the remarkable growth in the Commission's budget and responsibilities that followed in the wake of Enron and other corporate scandals. His skilled management of staffing, facilities, and administrative matters has led directly to major benefits for the nation's investors. During his tenure, the SEC's budget has grown from $94 million to over $900 million — an order of magnitude — and the complexity of its operations has increased commensurately. During this time, Jim has ushered the SEC into the modern era, and even now he is on the cutting edge of financial improvements with his efforts to obtain special pay authority, independent leasing, and a fee-based funding mechanism for the agency. His efforts have contributed greatly to the agency's recognition as one of the top five best places to work in government. He is the only Executive Director nearly all of us have ever known, and to a person he has earned our admiration and respect. He will be sorely missed."

McConnell said, "I have had one of the best management jobs in government having worked for five Chairmen and three acting Chairs, each of whom have been extraordinary individuals and dedicated to the nation's investors. It has also been my good fortune to have administrative, management, and budget staff that have been committed to supporting the agency's programs. During the past months it has been a particular pleasure working closely with Chairman Cox as he took on several challenging budget and management issues. I believe that the two most important characteristics that have made the SEC one of the best government institutions are that its senior leadership has never wavered from the goal of investor protection and it has attracted an extraordinary group of dedicated professionals."

McConnell, 58, joined the Commission in 1984 as a management analyst, was soon thereafter selected as the agency's Chief Management Analyst, and appointed by Chairman Richard Breeden as Executive Director in 1990. During his tenure, he has been responsible for financial management, human resources, filings and information services, strategic planning, audited financial statements, internal control, and information technology.

Prior to his service at the SEC, he worked at the Labor Department's Employment and Training Administration on programs to support disadvantaged youth, migrant and seasonal farmworkers, Native Americans, and the Job Corps. Mr. McConnell received his Bachelor's Degree in Business Administration from Virginia Tech in 1970.

http://www.sec.gov/news/press/2006-37.htm