Public Company Accounting Oversight Board Chairman James Doty, whose term technically expired in October 2015, has agreed to continue in place as the Trump administration looks for his successor, and for nominees for several other positions on the board.
Apart from Doty, the term of one other board member – Jeanette Franzel -- has expired, and that of a third – Steven Harris – is due to expire in late October. The fifth spot on the board has been empty since December 2016, when Jay Hanson unexpectedly resigned. (See “Hanson resigns from PCAOB.”)
In a statement from the Securities and Exchange Commission, Chairman Jay Clayton said, “I am very pleased that Chairman Doty has agreed to continue to serve as the chairman of the PCAOB as we commence the process for appointing his successor and new board members. I believe this will ensure the continued execution of the PCAOB’s mission as the PCAOB transitions to new leadership.”
After praising Doty’s “intensity, enthusiasm and motivation,” Clayton added, “The PCAOB’s multimember structure … operates best in this regard when there is a full complement of board members serving their appointed terms. Given the importance of the PCAOB to our capital markets, one of my priorities upon assuming the SEC’s chairmanship was to initiate a process to bring the PCAOB to full strength.”
As part of the announcement, the SEC called for nominees for seats on the board. Candidates must have a “demonstrated commitment to the interests of investors and public,” and understand the role and importance of financial statements and audit reports.
Interested individuals should send a cover letter discussing their qualifications and a current resume or curriculum vitae to Boardemail@example.com by Sept. 1, 2017.
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Corrected August 14, 2017 at 9:56AM: An earlier version of this story incorrectly stated that Lewis Ferguson's term on the board had expired; in fact, it does not expire until 2019.