January 10, 2020
According to news sources, Caroline Crenshaw, a counsel to Democratic SEC Commissioner and noted buyback critic Robert Jackson, is expected to be nominated to succeed Jackson when he steps down this year.
Crenshaw joined the SEC staff in 2013, working for former Commissioner Kara Stein prior to joining Commissioner Jackson’s staff as counsel in 2018. Her work has focused on multiple topics, including share buybacks and dual-class shares. Ms. Crenshaw is a graduate of Harvard University and the University of Minnesota Law School. She also serves as a Judge Advocate in the in U.S. Army’s Judge Advocate General’s Corps reserve.
Commissioner Jackson's term officially expired in June 2019, but by law, SEC Commissioners can serve until 18 months after their term expires or their successor is nominated, whichever occurs sooner.
Why it matters: Commissioner Jackson, a Democratic nominee to the SEC and former NYU Law School professor, has been perhaps the most knowledgeable Commissioner about executive compensation. He formerly served as a Treasury official responsible for executive compensation under the TARP program. He has been critical of corporate executives cashing out equity holdings during stock buybacks and has pushed for greater disclosure of non-GAAP adjustments to executive compensation.