John M. Morrissey, Deputy Chief Accountant, to Leave the SEC

FOR IMMEDIATE RELEASE
2002-77

Washington, D.C., May 30, 2002 -- John M. Morrissey, Deputy Chief Accountant, announced today that, after two and one-half years of service, he is leaving the Commission. Morrissey, 46, came to the Commission in January 2000 and has significantly participated in many of the Commission's major policy and regulatory initiatives. Morrissey has not yet accepted another position but intends to continue his professional career in the private sector.

In addition to his involvement in numerous policy and regulatory matters, Morrissey served as Chair of the International Organization of Securities Commissions Standing Committee No. 1. Morrissey served in this capacity since October 2000.

Chairman Harvey L. Pitt said, "John has been involved in numerous major rulemakings and policy determinations that the Commission has taken over the past two years. The Commission, staff and investors have benefited tremendously from John's intellect, integrity and views. I appreciate John's service at the Commission and wish him the best in his future endeavors."

Chief Accountant Robert K. Herdman said, "John's insight has been invaluable to the Office of the Chief Accountant. He has been an outstanding public servant and investor advocate. His contributions to the Commission will be missed."

Morrissey said, "Serving the public and the Commission has been a wonderful experience. It has been a privilege to play a role in protecting investors and an inspiration to work with such dedicated and talented colleagues in the Office of the Chief Accountant and throughout the Commission. I am particularly gratified to have had the opportunity to serve Chairman Pitt, former Chairman Levitt and Acting Chairman Unger, Commissioner Hunt, Commissioner Glassman and the other distinguished members of the Commission."

Prior to joining the Commission, Morrissey was Vice President and General Auditor at Transamerica Corp. Before joining Transamerica, Morrissey worked, as a partner, at Coopers & Lybrand (now PricewaterhouseCoopers LLP) from 1979 to 1997.

Morrissey graduated from the University of California at Berkeley.