SEC Names David Woodcock to Lead Division of Enforcement Under Atkins Reset
The U.S. Securities and Exchange Commission has named David Woodcock as director of the Division of Enforcement, effective May 4, 2026. Woodcock will succeed Sam Waldon, who has served as acting director following the resignation of Margaret Ryan.
Woodcock returns to the SEC from Gibson, Dunn & Crutcher LLP, where he served as a partner and chair of the firm’s securities enforcement practice group. His previous tenure at the Commission, from 2011 to 2015, included serving as the director of the Fort Worth regional office. During that time, he was instrumental in establishing the SEC’s financial reporting and audit task force, a cross-divisional unit focused on detecting accounting fraud and false financial statements.
He also served as a senior attorney at Exxon Mobil Corporation and is a CPA, as well as an adjunct professor of law at Texas A&M University School of Law.
He earned his J.D. from the University of Texas School of Law and a bachelor’s degree in accounting from Louisiana State University.
The appointment comes during what SEC Chairman Paul S. Atkins described as a “significant course correction” for the Enforcement Division. Atkins said the agency is moving away from volume-based metrics to prioritize misconduct that inflicts the greatest direct harm on investors, such as fraud, market manipulation, and abuses of trust.
The SEC reported a 22% decline in enforcement actions for fiscal year 2025 as Chairman Atkins declared a break from what the agency now calls “regulation by enforcement.”
“David is a foremost expert in all relevant facets of securities law and has deep institutional knowledge,” Atkins said. Woodcock will lead a team of more than 1,000 professionals, including investigators, trial attorneys and accountants.
Woodcock’s appointment is expected to align with Atkins’ broader “ACT Strategy” (Advance, Clarify, Transform), focused on advancing regulatory frameworks that reflect modern market operations, clarifying jurisdiction through harmonization with other agencies including the U.S. Commodity Futures Trading Commission, and transforming compliance by removing requirements that do not directly benefit investors.
In his acceptance statement, Woodcock said he would execute the role with “the highest level of professionalism and rigor.” Waldon will remain in his position until Woodcock officially assumes his duties in May.
During the fiscal year ending Sept. 30, 2025, the SEC filed 456 enforcement actions, a 22% decline from the previous year’s 583 enforcement actions. Of the 456, 303 were standalone actions, and 69 were follow-on administrative proceedings. In 2024, those totals were 431 and 93, representing declines of nearly 30% and 25.8%, respectively.
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