SEC Names Mark Olson PCAOB Chair; Reappoints Gillan to PCAOB Board

June 19, 2006

FEI Summary

On June 19, 2006, the U.S. Securities and Exchange Commission (SEC) announced it has appointed Mark Olson as new chair of the Public Company Accounting Oversight Board (PCAOB). Olson currently serves as a Federal Reserve Board Governor and prior to that served as Staff Director of the U.S. Senate Securities Subcommittee of the Banking, Housing, and Urban Affairs Committee. Additionally, Olson previously serves as partner with audit firm Ernst & Young, as CEO of Security State Bank and President of the American Bankers Association. According to the press release, available here, Olson's term as PCAOB Chair will end in 2010. The press release also noted that PCAOB Board member Bill Gradison, who served as Acting Chair after the resignation of founding chair William McDonough, will remain with the PCAOB Board.

Additionally, the SEC announced on June 19 it has reappointed PCAOB Board member Kayla Gillan, one of the PCAOB's founding board members, to a second term on the PCAOB board. The SEC press release is available here.

Prepared June 19, 2006 by Edith Orenstein (eorenstein@FinancialExecutives.org), Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion, unless specifically noted above.