William H. Donaldson

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William Henry Donaldson (June 2, 1931 – June 12, 2024) was an American businessman who was the 27th chairman of the U.S. Securities and Exchange Commission (SEC), serving from February 2003 to June 2005. He served as Under Secretary of State for International Security Affairs in the Nixon Administration, as a special adviser to Vice President Nelson Rockefeller, as chairman and CEO of the New York Stock Exchange, and as chairman, president and CEO of Aetna. Donaldson founded Donaldson, Lufkin & Jenrette.
== Background ==
=== Early Life and Education ===
Donaldson was born in Buffalo, New York in 1931. After his father's tool and die company was battered by the Great Depression, Donaldson helped his family and earned spending money by selling lemonade, delivering newspapers, and setting up a home-repair business with friends. 
He attended Yale University, where he earned a Bachelor of Arts degree in American studies in 1953, was a member of the prestigious Skull and Bones secret society, played hockey, and served as publisher of the Yale Daily News, becoming friends with Jonathan Bush, brother of the future president.
He obtained a Master of Business Administration from Harvard University in 1958.
=== Military Service ===
After graduating from Yale, Donaldson served as a first lieutenant in the U.S. Marine Corps as a rifle platoon commander from 1953 to 1955 during the Korean War. Although he did not see combat as the war ended while he was in training, he commanded a rifle platoon in Japan and Korea and later in Hawaii as aide-de-camp to the commanding general of the 1st Provisional Marine Air Ground Task Force, receiving service and campaign awards.
=== Career ===
Donaldson began his business career at G.H. Walker & Co., a banking and brokerage firm started by President George W. Bush's great-uncle. He worked for the senior partner, George Herbert Walker, the uncle of his friend Jonathan Bush and of the first President Bush.
He later co-founded the investment banking firm Donaldson, Lufkin & Jenrette in 1959 with Dan Lufkin, a Yale classmate, and Richard Jenrette, Lufkin's Harvard classmate, to offer research to mutual funds and institutional investors. He served as DLJ's chairman and CEO. He was also the founder of former DLJ subsidiary Alliance Capital Management. For a decade after leaving Yale, Donaldson ran a private investment firm, Donaldson Enterprises Inc.
In 1991, he became chairman and CEO of the New York Stock Exchange, calling out the finance industry for excessive risk-taking and lack of social responsibility in his first months.
In 2000, Donaldson was named chairman and CEO of Aetna Inc. after the resignation of Richard L. Huber.
In the public sector, Donaldson held several notable positions. He served as Under Secretary of State for International Security Affairs in the Nixon Administration from 1972 to 1973. He was also a special adviser to Vice President Nelson Rockefeller and chairman of the New York Stock Exchange in the early 1990s.
=== SEC Chairmanship ===
In November 2002, after Harvey Pitt resigned as SEC chairman amid criticism over accounting industry ties, President George W. Bush appointed Donaldson to succeed him. During his SEC tenure from 2003 to 2005, he oversaw the implementation of the Sarbanes-Oxley Act and addressed mutual fund trading practices and corporate governance issues. The SEC, under Donaldson, pushed ahead with more than 1,700 enforcement actions against alleged securities violations. In a major move, the SEC assisted New York Attorney General Eliot L. Spitzer in cracking down on brokerage houses that illegally helped clients trade mutual funds after hours.
Donaldson was widely respected for his extensive experience in both the private and public sectors, which made him well-suited to lead the SEC during a period of significant regulatory changes.
Under his watch, the SEC launched into one of its most transformative eras since the agency's founding during the Great Depression. Donaldson added more than 1,000 employees, including bringing in experts in forensic accounting and economic trends.
=== Later Life and Legacy ===
After leaving the SEC, Donaldson served on various corporate boards, including IEX. He was also the founding dean of the Yale School of Management and held leadership positions at organizations such as the Carnegie Endowment for International Peace. He has served on the boards of various philanthropic, arts, and educational institutions, including the Ford Foundation, Lincoln Center for the Performing Arts, Yale University, and the Aspen Institute.
He was named to the FDIC Advisory Committee on June 3, 2011. Donaldson served as chairman of the advisory board of Perella Weinberg Partners and served as a member of President Barack Obama’s Economic Recovery Advisory Board.
Donaldson passed away on June 12, 2024, at the age of 93. He left behind a lasting legacy as a respected business leader, public servant, and advocate for strong corporate governance and investor protection.
== References ==	
Category: Bios - Executives
Category:Former Government Officials
Category:SEC - Former Chairmen
Category:U.S. Securities and Exchange Commission
Category:U.S. Securities and Exchange Commission - Former Employees
Category:New York Stock Exchange - Former Employees
Category:NYSE - Former Chairmen
Category:Former Exchange Chairmen
Category:Deceased
Category:Deceased Industry Executives