SEC names David Woodcock as new enforcement director

The U.S. Securities and Exchange Commission (SEC) has selected David Woodcock, a partner at Gibson, Dunn & Crutcher and a former SEC official, to lead its enforcement program. The agency said Woodcock will start as enforcement director on May 4, taking charge of an enforcement division with more than 1,000 staff.

Woodcock’s appointment follows the sudden exit of Margaret Ryan, who held the enforcement director role for six months before resigning. The change comes as the SEC’s enforcement division navigates internal turnover and a reshaping of its workload.

Woodcock previously ran the SEC’s Fort Worth, Texas, regional office from 2011 to 2015. During that period, he created a task force aimed at accounting and financial reporting misconduct, a focus area that often intersects with public-company disclosures and investor protection.

The leadership transition arrives after a notable contraction in enforcement staffing. The enforcement division recorded an 18% staff reduction in the fiscal year ending September, according to the information provided. Over the same broader period of change, the SEC also brought more than 20% fewer enforcement actions in fiscal year 2025 than in the prior year.

Officials have described tensions around the direction of the enforcement program under Ryan. Ryan, identified as a conservative military judge with limited securities law experience, pushed for a more aggressive posture in pursuing fraud and misconduct matters, including cases that could potentially involve the president’s circle, according to the account provided.

Her departure and Woodcock’s arrival place renewed attention on how the SEC will set enforcement priorities and allocate resources. With fewer staff and a reduced volume of actions compared with the previous year, the enforcement director’s approach can influence which types of investigations are emphasized and how quickly cases move through the pipeline.

What remains unclear is how quickly the division’s staffing and case levels may stabilize, and whether the pace of enforcement actions will change under new leadership. The SEC has not detailed any specific policy changes tied to the appointment, leaving the practical impact on enforcement strategy and priorities to be seen as Woodcock takes office on May 4.