The new chairman of the Public Company Accounting Oversight Board as well as two new board members were officially sworn in during a ceremony on Feb. 10.
Demetrios “Jim” Logothetis, a 40-year veteran of Ernst & Young who retired as an audit partner from the Big Four firm in 2019, was announced as the audit regulator’s new chairman on Jan. 30. Joining him on the PCAOB board are Mark Calabria, Kyle Hauptman, and Steven Laughton who are replacing Biden administration appointees Christina Ho, Kara Stein, and Anthony Thompson.
Logothetis, Calabria, and Laughton participated in the swearing-in ceremony on Tuesday.
George Botic, who has served as acting chairman of the PCAOB since July when then-chairman Erica Williams resigned, remains a board member.
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Logothetis, whose term as chair expires on Oct. 24, 2030, said Tuesday he is “deeply honored to have been appointed to lead the PCAOB” and grateful to Securities and Exchange Commission Chairman Paul Atkins and SEC commissioners Hester Peirce and Mark Uyeda “for their faith in me to serve in this important role.”
“Independent oversight of auditors is a critical pillar of the investor confidence that powers the U.S. capital markets, and I look forward to partnering with the SEC, my fellow board members, and the PCAOB’s dedicated staff to fulfill our organization’s statutory responsibilities efficiently and effectively,” he added.
Logothetis, who is the sixth chairman (not including acting chairman) in the PCAOB’s 23-year history, also expressed his gratitude to Botic for filling in as chair for the last six and a half months.
“He carried out his responsibilities with dedication and professionalism, which has allowed for a seamless transition,” Logothetis said about Botic.
Calabria, whose term as a board member expires on Oct. 24, 2027, said he is grateful to be a part of the PCAOB’s next chapter.
“As is true across the business landscape, change is accelerating in auditing, and the PCAOB continues to have an important role to play to protect investors and drive improvement in audit quality,” said Calabria, who was an associate director and chief statistician with the White House Office of Management and Budget and a senior advisor to the Office of the Director of the Consumer Financial Protection Bureau.
Laughton, whose term on the board expires on Oct. 24, 2026, was most recently counsel to Christina Ho, advising her on all matters that came before the board. He also spent more than 30 years with the U.S. Treasury Department.
“I’m honored to join the board and look forward to working with my colleagues to protect investors and strengthen America’s capital markets,” he said.
In a recent post on LinkedIn, Ho gave a glowing endorsement of Laughton and wrote, “He will make an outstanding board member!”
“Steve brings outstanding legal and regulatory expertise, integrity and common sense from his 30+ years at Treasury and 4+ years at PCAOB as my counsel,” she wrote. “This extensive experience has provided him with deep and broad insight into the financial and capital markets. He approaches challenges with genuine humility, always willing to listen and learn from others.”
Hauptman, whose term ends on Oct. 24, 2029, is currently the chairman of the National Credit Union Administration.
Photo caption: Demetrios “Jim” Logothetis, the new chairman of the Public Company Accounting Oversight Board, speaks during the 35th Annual Leadership 100 Conference in Phoenix last week. Logothetis is chairman of Leadership 100, a nonprofit organization whose mission is to advance the Orthodox faith.
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