SEC Names New PCAOB Chair and Board Members in Key Shift

The US Securities and Exchange Commission appointed Demetrios (Jim) Logothetis as the new chairman of the Public Company Accounting Oversight Board on January 30, 2026, in Washington D.C. The move fills key leadership roles to oversee audits of public companies and broker-dealers. Along with Logothetis, the SEC named Mark Calabria, Kyle Hauptman, and Steven Laughton as board members. Current board member George Botic will keep his seat and act as chairman until Logothetis takes the oath.

Background

The Public Company Accounting Oversight Board, or PCAOB, came into existence under the Sarbanes-Oxley Act of 2002. Lawmakers created it after major corporate scandals like Enron and WorldCom shook investor trust. The board's job is to watch over audits done by firms for public companies and broker-dealers. It aims to make sure these audits are accurate, independent, and useful for investors.

To do this work, the PCAOB registers accounting firms that audit public companies. It sets rules for how audits should be done. The board also inspects these firms regularly to check their work. If it finds problems, it can take disciplinary steps, like fines or bans. All of this falls under the watch of the SEC, which can oversee and approve the PCAOB's actions.

Over the years, the PCAOB has grown its role. It now covers more ground, including audits for broker-dealers and some international firms. But its funding comes from fees paid by the companies and firms it oversees. This setup has led to debates about costs and how strict the rules should be. Recently, under new SEC leadership, there have been changes to the PCAOB's budget and pay for board members. The SEC cut the board's budget by 9.4 percent from the year before. It also lowered compensation for members to match more closely with public service levels.

George Botic has led as acting chairman since July 2025. During his time, the board handled ongoing inspections and standard-setting. Now, with these appointments, the SEC looks to refresh the team. The search for new members started last summer. SEC staff in the chief accountant's office and general counsel's office helped with the process.

Key Details

Demetrios (Jim) Logothetis takes the chairman role with a term that runs until October 24, 2030. He sits on the board of The Republic Bank of Chicago and leads its audit committee. He also advises CrossCountry Consulting, a firm that helps with business issues. Logothetis brings years of experience from the accounting world, including a long career at a major firm.

New Board Members' Backgrounds

Mark Calabria joins for a term ending October 24, 2027. He works now as associate director and chief statistician at the US Office of Management and Budget. He also advises the Consumer Financial Protection Bureau. Before that, he directed the Federal Housing Finance Agency. He held roles at the Department of Housing and Urban Development and as an economist with the National Association of Realtors. Calabria studied economics at George Mason University, earning a bachelor's and a Ph.D.

Kyle Hauptman will serve until October 24, 2029. He chairs the National Credit Union Administration, a spot he took in January 2025 after Senate confirmation in 2020. Earlier, he worked on the Senate Banking Committee staff and as economic policy counselor to a senator. He held jobs at the American Enterprise Institute, Jefferies and Co., and Lehman Brothers. Hauptman has an MBA from Columbia Business School and a bachelor's from UCLA. He plans to stay at the credit union agency until a successor steps in.

Steven Laughton has the shortest term, ending October 24, 2026. He currently serves as board counsel to PCAOB member Christina Ho. Before joining the PCAOB in 2022, he spent over 30 years at the US Department of the Treasury.

George Botic stays on the five-member board. The SEC thanked outgoing members Christina Ho, Kara Stein, and Anthony Thompson for their work. The full board now has fresh faces to handle inspections, standards, and enforcement.

“I am confident that this new Board will usher in a new day at the PCAOB—one of sensible, efficient oversight of auditors,” said SEC Chairman Paul S. Atkins.

SEC Chief Accountant Kurt Hohl added that the agency looks forward to teaming up with the board on investor protection.

What This Means

These appointments come at a time when the PCAOB faces questions about its approach. The new leaders bring skills from banking, government, and policy. Logothetis knows audits from the inside. Calabria offers economic insight from housing and budget roles. Hauptman understands financial regulation from credit unions and Senate work. Laughton has deep ties to Treasury and PCAOB operations.

The board's focus stays on its main tasks: protecting investors through better audits. With a tighter budget, it may need to prioritize. This could mean fewer new rules and more attention to core inspections. Public companies and broker-dealers, who pay the fees, might see lower costs. But investors will watch to ensure audit quality does not drop.

The SEC plans close work with the PCAOB on capital markets issues. Atkins, known for pushing back on heavy regulation, wants the board to cut unnecessary burdens. The new team accepted lower pay, signaling commitment to public duty over high salaries.

Changes like this can shape how audits happen for years. The board sets standards that firms must follow worldwide for US-listed companies. Strong audits help spot risks early, like in past scandals. Weaker ones might let problems grow.

Over the next weeks, Logothetis will swear in, and the board will start full meetings. It faces a backlog of inspections and updates to rules on tech in audits. The mix of experience could lead to practical changes. Firms will adjust to any shifts in focus.

For the finance world, this means watching how the PCAOB balances oversight with efficiency. Investors rely on clean reports to make choices. Companies want rules that do not slow them down. The new board steps into that balance with its own views shaped by past jobs.