SEC Appoints New Chairman And Three Board Members To PCAOB

The SEC appointed Demetrios (Jim) Logothetis as PCAOB chairman alongside new board members Mark Calabria, Kyle Hauptman, and Steven Laughton. George Botic will continue serving as a board member and remain as acting chairman until Logothetis is sworn in. The appointments represent a complete reshaping of the board that oversees audits of public companies and broker-dealers.

The PCAOB was established by the Sarbanes-Oxley Act of 2002 to oversee audits of public companies and broker-dealers to protect investor interests and ensure preparation of informative, accurate, and independent audit reports. The board accomplishes these goals through registering public accounting firms, setting auditing standards, conducting inspections, and pursuing disciplinary actions under SEC oversight.

Logothetis, a 40-year Ernst & Young veteran who retired in 2019, will serve a term ending October 24, 2030. Calabria, currently an associate director at the Office of Management and Budget, will serve until October 24, 2027. Hauptman, who currently chairs the National Credit Union Administration, will serve until October 24, 2029, while Laughton, currently board counsel to PCAOB Board Member Christina Ho, will serve until October 24, 2026.

The appointments come as the PCAOB faces ongoing scrutiny over its oversight practices and compensation structure. Chairman Atkins noted that the newly appointed officials have "already demonstrated a profound commitment to protecting investors and responsible use of such funds by accepting compensation much more in line with the ethos of public service."

"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. "I look forward to working with this Board as it refocuses on the PCAOB's core statutory mission—protecting investors and furthering the public interest in the preparation of informative, accurate, and independent audit reports."

SEC Chief Accountant Kurt Hohl expressed support for the new leadership, stating, "We look forward to working with the new Board in connection with furthering the PCAOB's central mission of promoting investor protection." Chairman Atkins also thanked outgoing Acting Chairman George Botic and departing board members Christina Ho, Kara Stein, and Anthony Thompson for their service.

The new appointments signal a potential shift in PCAOB priorities under the current SEC leadership, with emphasis on what Atkins characterized as more efficient oversight practices. The board changes will likely influence how the PCAOB approaches its regulatory and enforcement activities in overseeing the accounting profession.