Mary Schapiro, who led the U.S. Securities and Exchange Commission until December, joined Promontory Financial Group LLC to run its governance and markets practice.

Schapiro, 57, will advise clients on risk management and corporate governance as a managing director, Washington-based Promontory said today in a statement.

Appointed by President Barack Obama, Schapiro took over at the SEC in 2009, after the financial crisis and the collapse of Lehman Brothers Holdings Inc. and Bear Stearns & Co. on the agency's watch. She won praise from a predecessor, Harvey Pitt, for helping to restore the agency's credibility, while other regulators said she failed to hold banks accountable and manage policy divides among commissioners.

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