U.S. SEC Announces Changes To PCAOB Board, New Chair Appointed

The U.S. Securities and Exchange Commission on Friday announced a reconstitution of the Board of the Public Company Accounting Oversight Board (PCAOB), the audit regulator created by Congress after accounting failures linked to Enron and WorldCom.

The SEC said it has appointed Demetrios Logothetis as Chair of the PCAOB. Logothetis is a retired auditor who spent four decades at Ernst and Young. He will take charge after completing the required formalities. The SEC also appointed Mark Calabria as a Board Member. Calabria currently holds positions at the U.S. Office of Management and Budget and the Consumer Financial Protection Bureau. Kyle Hauptman, who serves as Chairman of the National Credit Union Administration, and Steven Laughton, a current PCAOB official, have also been named to the Board.

The regulator said George Botic will continue as Acting Chair of the PCAOB until Logothetis is sworn in. SEC Chairman Paul Atkins said the new Board will oversee auditors under the regulator’s mandate.