Mark Olson on Monday announced his resignation as chairman of the PCAOB, effective July 31.
In his letter of resignation, Olson indicated “the decision is entirely personal” and reflects his desire “at this time of life to establish new priorities,” according to a PCAOB press release. He has no immediate plans other than to resume involvement in efforts to promote financial literacy, according to the release.
Olson was named chairman of the PCAOB by the SEC on July 1, 2006. Prior to joining the PCAOB, he had most recently served on the Board of Governors of the Federal Reserve.
AICPA President and CEO Barry Melancon praised Olson for his leadership. “He has been fair and open, and committed to the mission of the PCAOB and public interest,’’ Melancon said.
Cynthia Fornelli, executive director of the Center for Audit Quality, called Olson a “public servant of the first order” who has “demonstrated an ability to work with investors, auditors and others in promoting audits that are informative, fair and independent.” Fornelli called on SEC Chairman Mary Schapiro to move with “all due haste” to appoint Olson’s permanent successor in light of the challenging economic environment.