Mary Schapiro is the new SEC Chairperson

Washington, February 10: Linda Thomsen, director of the U.S. Securities and Exchange Commission has stepped down from the post to make way for new Chairman Mary Schapiro.

Mary thus comes to the helm of affairs at a time when the SEC is facing the ire from the congress for its inability to uncover Bernard Madoff’s $50 billion ponzi scheme.

The exact date of Thomsen leaving office has not been disclosed. It is expected that she will assist in the transition and make sure that the changeover is smooth. In all Thomsen has had a fourteen year stint at the SEC and had been heading the division since 2005.

President Barack Obama has appointed Schapiro specifically with the aim of bolstering the enforcement arm of the SEC. Mary becomes the 29th chairman of the SEC after her unanimously confirmation by the Senate on Jan. 22, 2009.

Soon after assuming office, Schapiro has started replacing the senior mangers. There is, however, no departure from tradition in such replacements as David Ruder, a Republican SEC chairman under Ronald Reagan put it, “It’s not unusual at all for a chairman to bring in his or her own people.”

Schapiro has already roped in, 61 year old David Becker, as the SEC’s chief legal officer and senior policy adviser. At present he is a partner at Cleary Gottlieb Steen & Hamilton in Washington. Sources familiar with the matter confirm that she has asked Commissioner Elisse Walter, a Democrat to refer people to act in various other capacities at senior positions.

Schapiro said of the outgoing director, “Linda’s achievements have been nothing short of extraordinary, even heroic, in an era of unprecedented challenges in our securities markets. Her wisdom, judgment, integrity and humor will be sorely missed by all of her colleagues.”