Securities and Exchange Commission Chairman William Donaldson will step down from his post on June 30, according to a statement released by the commission. He became the 27th chairman of the commission in February 2003.
According to Donaldson, he took the reins of the SEC at a time when “public confidence was severely undermined, reflecting the corporate and financial scandals that had shaken the nation.” He added that there was still work to be done to bolster the integrity and strength of corporations and the markets, but he believed it was time to “return to the private sector and my family.”
Donaldson, a Republican, was appointed by President Bush. However, he has often sided with Democratic commissioners Harvey Goldschmid and Roel Campos on high-profile issues such as mutual fund and corporate governance, stock trading, and hedge fund regulation.
Goldschmid announced earlier this year that he will leave the SEC this summer to return to teaching at Columbia Law School.