Mark Olsen, chair of the PCAOB since June 2006, announced his resignation effective then end of July.
Mark Olson, chairman of the Public Company Accounting Oversight Board, said he is resigning his post at the end of July, but did not elaborate on the reasons.
In a letter of resignation, Olson, 66, simply said, “The decision is entirely personal and reflects my desire at this time of life to establish new priorities.”
Olson was named PCAOB chairman on June 26, 2006, after serving on the board of governors of the Federal Reserve. The resignation will take effect after more than three years of service in the job, on July 31, 2009.
He was appointed by the SEC to run the board, which inspects accounting firms that perform audits on public companies. The PCAOB is also slated to begin inspecting accounting firms that audit non-public broker-dealers, such as the three-person accounting firm that audited Bernard Madoff’s investment management firm.