CFA Institute’s Schacht May Chair PCAOB

Kurt Schacht, the managing director of the CFA Institute's Centre for Financial Market Integrity, is reportedly among the lead contenders to become chairman of the Public Company Accounting Oversight Board.

The PCAOB has been without a permanent chairman since Mark Olson resigned in June. PCAOB member Daniel Goelzer was named acting chairman in July (see Goelzer Named Acting PCAOB Chairman). Schacht, 55, is among those under consideration to run the PCAOB, according to Bloomberg.com. A former general counsel with the New York hedge fund Wyser-Pratte Management Co., he has been with the CFA Institute since 2004. He currently directs the Centre's efforts to represent the views of investment professionals to standard-setters, regulatory authorities and legislative bodies.

SEC Chair Mary Schapiro reportedly has not yet made a decision on a permanent chairman for the PCAOB. One reason for the delay may be that the Supreme Court is scheduled to hear a case next month challenging the constitutionality of the PCAOB. If the court decides the board, which was established by the Sarbanes-Oxley Act of 2002, is unconstitutional, the need for a chairman would be moot.

Several members of the board, including Charles Niemeier and Willis Gradison, are also stepping down after the expiration of their terms. Among the candidates under consideration to replace them reportedly are Helen Munter, Linda Griggs and John Sturc, according to Bloomberg.com.

Munter is a CPA who used to work for Deloitte & Touche and is now the regional deputy director for inspections at the PCAOB. Griggs, a partner at Morgan, Lewis & Bockius, served as chief counsel to SEC chief accountant for five years. Sturc, who is co-chair of Gibson Dunn & Crutcher’s Securities Enforcement Practice Group, is a former associate director of the SEC’s Division of Enforcement.