SEC Enforcement Director Alex Oh Quits After 5 Days: What You Need To Know
Phil Hall , Benzinga Staff Writer
The U.S. Securities and Exchange Commission (SEC) reported the resignation of Alex Oh as director of the Division of Enforcement after only five days on the job.
What Happened: The SEC announcement of Oh’s departure only cited “personal reasons” for her abrupt exit.
Oh worked for two decades at the law firm Paul, Weiss, Rifkind, Wharton & Garrison prior to joining the SEC.
According to a Politico report, she was part of a reprimand issued on Monday by a federal judge for her conduct in defending ExxonMobil XOM 3.34% in a class-action lawsuit brought by Indonesian villagers who sought to hold the oil company liable for murder and torture committed by the Indonesian military from 1999 and 2001, when the company hired soldiers to protect its natural gas facilities in the country.
Oh had also been the target of progressive political organizations who felt her legal record made her unsuitable for the position. Three of these organizations – Demand Progress, the Progressive Change Campaign Committee and the Revolving Door Project – sent a letter to SEC Chairman Gary Gensler asking to remove her from the agency while questioning if she could “change her entire legal philosophy toward fully enforcing the very laws and regulations whose enforcement she has built a career of defending against.”
What’s Next: In her resignation letter, Oh wrote, “In light of the time and attention it will take from me, I have reached the conclusion that I cannot address this development without it becoming an unwelcome distraction to the important work of the division.”
Melissa Hodgman, who held the role of acting director of the Division of Enforcement before Oh’s appointment, resumed the position pending the appointment of a replacement for Oh.
(Photo of Alex Oh courtesy Paul, Weiss, Rifkind, Wharton & Garrison LLP.)