Press Release: Jim McConnell, SEC Executive Director, Retires
Jim McConnell, SEC Executive Director for 16 years, retired voluntarily in June 2006 after overseeing the agency’s budget growth from $94 million to over $900 million and modernizing its operations, with no fraud, misconduct, or legal charges reported.
Jim McConnell retired as the SEC’s Executive Director in June 2006 after 16 years of service, during which he managed the agency’s dramatic budget expansion from $94 million to over $900 million following corporate scandals like Enron. He was widely praised by Chairman Christopher Cox and colleagues for modernizing staffing, facilities, information technology, and financial management, and for helping the SEC become one of the top five best places to work in government. No fraud, misconduct, or legal charges were associated with his tenure or departure; his retirement was framed as a positive transition marked by institutional respect.
Jim McConnell retired as the SEC’s Executive Director in June 2006 after 16 years of service, having joined the agency in 1984 as a management analyst and been appointed Executive Director in 1990 by Chairman Richard Breeden. He oversaw the SEC’s budget growth from $94 million to over $900 million, a tenfold increase driven by post-Enron regulatory demands, and led critical modernization efforts in financial management, human resources, information technology, and facilities. Chairman Christopher Cox and other senior officials lauded McConnell for transforming the SEC into one of the top five best places to work in government and for pioneering initiatives like special pay authority and fee-based funding. McConnell credited the agency’s success to unwavering leadership commitment to investor protection and a dedicated professional staff. He worked under five Chairmen and three acting Chairs, and was noted for his collaborative approach during challenging budget negotiations. His career prior to the SEC included work at the Labor Department supporting disadvantaged populations. There is no indication of fraud, misconduct, or legal action against him; his departure was entirely voluntary and met with universal acclaim.
Extracted insights
- $900.00M $900 million $100M–$1B
- $94.00M $94 million $10M–$100M
- person chairman cox
- person christopher cox
- person jim mcconnell
- person private sector options
- person richard breeden
- agency sec's budget
- agency the sec into the modern era
- person transition efforts
- Jim McConnell retires at the beginning of June
- Jim McConnell assists with transition efforts
- Jim McConnell pursues private sector options
- Christopher Cox served as Chairman
- Jim McConnell oversaw growth in the Commission's budget
- SEC's budget grew from $94 million to over $900 million
- Jim McConnell ushered the SEC into the modern era
- Jim McConnell worked for five Chairmen and three acting Chairs
- Jim McConnell worked closely with Chairman Cox
- Jim McConnell joined the Commission in 1984
- Richard Breeden appointed Jim McConnell as Executive Director in 1990
- Jim McConnell was responsible for financial management and human resources
- Jim McConnell worked at the Labor Department's Employment and Training Administration
- Jim McConnell received Bachelor's Degree in Business Administration from Virginia Tech in 1970
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 Home | Previous Page Modified: 03/14/2006
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 Home | Previous Page Modified: 03/14/2006