The U.S. Securities and Exchange Commission has chosen Gibson Dunn partner David Woodcock as its next director of enforcement, according to people familiar with the decision. If finalized, the move would bring an SEC alumnus back to lead the unit that runs fraud and market-integrity investigations, at a time when the agency is already juggling turnover and shifting enforcement priorities.
According to Reuters, people with knowledge of the decision said Woodcock is expected to replace Margaret Ryan. Reuters reported that neither Woodcock nor the SEC responded to requests for comment, and that its account is based on unnamed sources familiar with the selection.
Who Is David Woodcock?
Woodcock is a partner in Gibson Dunn’s Dallas and Washington, D.C., offices and co-chairs the firm’s securities enforcement practice, according to his firm bio at Gibson Dunn. His practice focuses on internal investigations, accounting and financial-reporting issues, and defending clients in SEC matters. The firm notes that he frequently speaks and writes on enforcement trends and corporate compliance.
Agency Shake-up
The anticipated appointment follows the abrupt March 16 resignation of Judge Margaret A. "Meg" Ryan as director of the SEC’s Division of Enforcement, the agency said in a press release. Principal Deputy Director Sam Waldon was named acting director, and the commission said it expects to announce a permanent successor in the coming weeks. In that announcement, the SEC characterized Ryan’s tenure as a period of reprioritization toward fraud and market-integrity cases.
Reuters previously reported that Ryan had clashed with Chairman Paul Atkins and other senior officials over enforcement priorities, including high-profile matters involving crypto entrepreneur Justin Sun and Elon Musk. That reporting described internal debates over when to open probes and how aggressively to pursue settlements. Woodcock’s selection is unfolding against that contested backdrop.
What To Watch
If Woodcock accepts the role, ethics restrictions on post-government employment are likely to surface quickly. Federal rules generally bar former officials from representing private clients in matters they personally worked on, and agency ethics lawyers often seek recusal commitments when senior attorneys move between the SEC and private practice. Guidance from the Office of Government Ethics outlines one-year and two-year cooling-off limits that can restrict outside work on particular matters.
The SEC has said it expects to name a permanent enforcement director in the coming weeks. Until the commission issues an official notice or Woodcock comments publicly, the reported selection remains based on accounts from people familiar with the matter.
