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The U.S. Securities and Exchange Commission (SEC) has removed Erica Williams, Chair of the Public Company Accounting Oversight Board (PCAOB), following a leadership transition at the regulatory agency. According to an internal staff email reviewed by Reuters, Williams announced her final day will be Tuesday, July 22, after being asked to resign by SEC Chairman Paul Atkins.
Williams, appointed in 2022 under a Democratic administration, led the PCAOB through a significant period of regulatory reform. Her tenure was marked by sweeping changes to auditing standards and the imposition of record-high penalties on auditors for misconduct. The PCAOB, a nonprofit watchdog established by Congress in 2002 after high-profile corporate accounting scandals like Enron and WorldCom, plays a vital role in overseeing auditors of publicly traded companies.
Her departure was widely anticipated after Republicans assumed control of the SEC earlier this year. Historically, new leadership at the SEC has often brought changes at the PCAOB. In a statement, Atkins confirmed accepting Williams’ resignation and expressed appreciation for her service.
Williams expressed pride in her accomplishments in her farewell message, stating, “Together we have accomplished more to protect investors through our standard setting than any Board since the PCAOB was established.” She added that she does not yet know who will succeed her as chair.
The move comes amid heightened regulatory scrutiny of corporate auditing practices, and industry observers will be watching closely to see how the PCAOB’s direction may shift under new leadership. The SEC and PCAOB have not yet named a successor. Williams’ exit marks another significant personnel shift as the agency navigates political realignment and evolving oversight priorities in U.S. financial regulation.
