SEC names new PCAOB chair and board members

The Securities and Exchange Commission appointed a new chair and set of board members Friday to the Public Company Accounting Oversight Board.

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It named Demetrios “Jim” Logothetis as chairman, and Mark Calabria, Kyle Hauptman and Steven Laughton as board members. PCAOB acting chair George Botic will continue as acting chairman until Logothetis is sworn in. 

SEC chairman Paul Atkins announced his intention to search for new board members last July after asking former PCAOB chair Erica Williams to resign. Another PCAOB board member, Christina Ho, announced her intention to resign late last year.

“I am confident that this new board will usher in a new day at the PCAOB — one of sensible, efficient oversight of auditors,” Atkins said in a statement. “The newly appointed chairman and board members 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 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.”

In December, the PCAOB proposed a budget that called for lower spending, a smaller headcount, and significant cuts to the compensation of board members.

In 2019, Logothetis retired from Ernst & Young after 40 years with the firm, during which time he served as the lead partner for several of EY’s largest clients. He held a number of leadership roles, including vice-chair of global accounts, managing partner of the Midwest U.S assurance and advisory practices, and chairman of the German Business Center in the United States. He currently serves on the board of the Republic Bank of Chicago, where he chairs the audit committee, and on the advisory council of CrossCountry Consulting, a privately owned consultancy firm. His term at he PCAOB will end Oct. 24, 2030.

Mark Calabria is currently an associate director and chief statistician with the U.S. Office of Management and Budget and a senior advisor to the Office of the Director of the Consumer Financial Protection Bureau. His prior service includes director of the Federal Housing Finance Agency, assistant to the vice president, deputy assistant secretary with the U.S. Department of Housing and Urban Development, and senior economist at the National Association of Realtors. His term is set to end Oct. 24, 2027. 

Kyle Hauptman is currently the chairman of the National Credit Union Administration. He previously served on the Senate Banking Committee staff, as a staff director and as Economic Policy Counselor to a senator. He has also held positions at the American Enterprise Institute, Jefferies and Co., and Lehman Brothers. His term will end Oct. 24, 2029. 

Steven Laughton is currently board counsel to PCAOB board member Christina Ho. Prior to joining the PCAOB in 2022, he spent more than 30 years with the U.S. Department of the Treasury. His roles at the Treasury included senior counsel to the general counsel, where he helped establish the Paycheck Protection Program, and assistant general counsel, where he supervised more than 50 attorneys and staff and advised on a wide range of matters. His term will end Oct. 24, 2026. 

“I want to thank the current board members for their dedicated service in advancing the PCAOB’s important mission,” Atkins said in a statement. “Acting chairman George Botic, and board members Christina Ho, Kara Stein, and Anthony Thompson have carried out their many important responsibilities with diligence and professionalism. I expect the transition to the new board will occur very quickly over the next few weeks. I also want to thank SEC staff, especially in the Office of the Chief Accountant and Office of the General Counsel, for their assistance with the board selection process.”