Colorado Securities Commissioner Chris Myklebust is resigning after the validity of his appointment was questioned.
He is stepping down in "the interest of preserving the public trust," said Patty Salazar, executive director of the Colorado Department of Regulatory Agencies, in a notice to the Securities Board. His resignation will be effective Sept. 20.
Myklebust was appointed in 2018 during the previous administration, 19 days after his predecessor stepped down. Members of the Securities Board questioned the quick hiring and said they were not consulted.
“Some have questioned the validity of Mr. Myklebust’s appointment," Salazar said. "However, the Colorado Department of Law has stated that the appointment was appropriately made under the authority of the previous executive director and did comply with state law.
"Nonetheless, the process exercised and selection made by my predecessor continues to be the subject of recurring public scrutiny, creating distractions and inhibiting the division from focusing on its core mission.”
Salazar said the board and other stakeholders will be involved in choosing a replacement.