PCAOB Chairman Mark Olson Announces His Resignation


Mark Olson today resigned as Chairman of the Public Company Accounting Oversight Board, effective July 31, 2009.


A former Federal Reserve governor, Olson was appointed to head the five-member oversight board by Christopher Cox, then-chairman of the Securities and Exchange Commission. SEC spokesman Kevin Callahan had no immediate comment on Olson’s resignation.


Olson, 66, said his only plans for work after he leaves the board are to resume his involvement in efforts to promote financial literacy.


The SEC will have to name a replacement for Olson and two other members of the board whose terms are expiring. Charles Niemeier’s term expired last October, but the SEC has not yet named a replacement, so he still serves on the board. Bill Gradison’s term will be coming to a close in October of this year. Olson’s term was not set to expire until October 2010.