George Canellos will step down as co-head of the Enforcement Division at the U.S. Securities and Exchange Commission later this month, the agency announced today.
Canellos and Andrew Ceresney made history last year when the two were named co-heads of the division, which until then had always had a single leader. With Canellos’ departure, Ceresney will become the sole head of the 1,300-person division.
A former partner at of Milbank Tweed Hadley & McCloy, Canellos held senior positions at the SEC since 2009, including director of the New York regional office, deputy director of the Enforcement Division and acting director after Robert Khuzami departed last January.
“George filled an incredibly important leadership role as head of the New York office and later in the top posts of the Enforcement Division,” SEC Chair Mary Jo White said in a written statement. “He helped to improve coordination between the enforcement and exam programs, streamline procedures to expedite investigations, and better integrate our investigative and trial functions. Every day, he brought to work an intense enthusiasm for our mission, extraordinary intellect and experience, and a total commitment to fairness and the public interest.”
Canellos supervised enforcement actions including the insider trading case against Raj Rajaratnam and more than 30 others associated with New York-based hedge fund advisory firm Galleon Management LP. He also oversaw the case against former McKinsey & Co. global head Rajat Gupta for illegally tipping off Rajaratnam, and the insider trading cases against hedge fund managers associated with S.A.C. Capital.
Canellos has not announced his future plans.