🚀 Meet the New Chairman
Say hello to Demetrios (Jim) Logothetis, the newly appointed Chairman of the Public Company Accounting Oversight Board (PCAOB). Jim brings a wealth of experience from his 40-year tenure at Ernst and Young (EY), where he held multiple leadership roles, including Vice-Chair of Global Accounts. Impressive, right? Besides his corporate achievements, he also served in the U.S. Department of Housing and Urban Development, contributing to Ginnie Mae's audit coordination.
"I am confident that this new Board will usher in a new day at the PCAOB—one of sensible, efficient oversight of auditors," said SEC Chairman Paul S. Atkins.
Logothetis will serve a term ending on October 24, 2030, so expect to see his influence for the next decade.
🌟 Meet the Board Members
Joining Jim Logothetis are three new board members: Mark Calabria, Kyle Hauptman, and Steven Laughton. Each brings unique expertise to the table.
- Mark Calabria: An economics whiz with a Ph.D. from George Mason University, Calabria has served as Director of the Federal Housing Finance Agency and held various roles in the U.S. Office of Management and Budget.
- Kyle Hauptman: Currently the Chairman of the National Credit Union Administration, Hauptman was appointed by President Trump and has a background in finance and economic policy.
- Steven Laughton: With over 30 years at the U.S. Department of the Treasury, Laughton has a deep understanding of financial policy and cybersecurity.
These appointments extend up to 2030, offering a long-term vision for the PCAOB's mission.
🔍 The PCAOB Mission
Established by the Sarbanes-Oxley Act of 2002, the PCAOB's primary goal is to oversee the audits of public companies and broker-dealers. This is crucial for protecting investors and ensuring the integrity of financial markets. The PCAOB achieves this through:
- Registering public accounting firms
- Setting auditing standards
- Conducting inspections
- Pursuing disciplinary actions
"We look forward to working with the new Board in connection with furthering the PCAOB’s central mission of promoting investor protection," said SEC Chief Accountant Kurt Hohl.
🎉 Acknowledging the Outgoing Members
As the new board members step in, it's essential to acknowledge the contributions of the outgoing members. George Botic, who served as Acting Chairman for the past six months, will continue as a board member. Chairman Atkins expressed gratitude for the dedicated service of Christina Ho, Kara Stein, and Anthony Thompson.
"I would like to thank George Botic for his leadership in serving as Acting Chairman. I also would like to thank Christina Ho, Kara Stein, and Anthony Thompson for their dedicated service as members of the Board,” remarked Atkins.
