The U.S. Securities and Exchange Commission (SEC) has reshaped the leadership of the Public Company Accounting Oversight Board (PCAOB). This move signals a new direction for how the SEC wants to supervise auditors of public companies. As a result, the market is watching closely for changes in enforcement and oversight.
SEC Appoints Demetrios Logothetis as New PCAOB Chairman
The SEC selected Demetrios Logothetis, a retired Ernst and Young (EY) auditor, to lead the PCAOB. He spent nearly 40 years at EY, which gives him deep experience in audit work. Because of that background, the SEC expects him to guide the watchdog with practical industry knowledge.
The PCAOB plays a key role in protecting investors. Congress created it after major accounting failures helped trigger the collapses of Enron and WorldCom. Therefore, leadership changes at the PCAOB often attract major attention.
SEC Adds New PCAOB Board Members
Along with naming a new chairman, the SEC also added fresh board members. These appointments expand the board’s expertise across finance, regulation, and public policy.
The new members include:
- Mark Calabria, who currently works with the U.S. Office of Management and Budget and also holds a role at the Consumer Financial Protection Bureau
- Kyle Hauptman, chairman and sole board member of the National Credit Union Administration
- Steven Laughton, who already works at the PCAOB and brings internal oversight experience
In addition, the SEC confirmed that George Botic, a longtime PCAOB official, will remain acting chairman until Logothetis takes the oath and officially steps in.
SEC Chairman Paul Atkins Highlights New Direction
SEC Chairman Paul Atkins said the new PCAOB board will focus on smarter oversight. He also stressed efficiency, which suggests a shift toward tighter and more targeted regulation. However, the SEC still wants strong accountability for audit failures.
Earlier, the SEC removed the previous PCAOB head who had been appointed under Democratic leadership. Because of this change, the new board may adjust priorities and enforcement style in the months ahead.
