US Securities and Exchange Commission (SEC) Chairman Mary Schapiro, who took the agency's helm in 2009, will depart the SEC on December 14. Elisse Walter has been designated the new chairman.
In her statement today, November 26, Schapiro said:
It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity. Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission.
The Center for Audit Quality (CAQ) issued the following statement from Executive Director Cindy Fornelli regarding the departure of Schapiro and the designation of Walter as chairman:
The CAQ and the public company auditing profession wish to thank Chairman Mary Schapiro for her leadership of the SEC and her stewardship of the US capital markets during a period of great tumult, as the markets staggered and the fate of the SEC was in question. She is to be commended for bringing order to the markets and for keeping the Commission focused on its role as the investor's advocate.
Chairman Schapiro's long career of public service has been a superb example for all of us. We wish her every success in her future endeavors.
We also wish to congratulate Elisse Walter on her designation as chairman of the SEC. As an SEC Commissioner, she has admirably served investors and the markets, and she is an excellent choice to lead the Commission.
Barry Melancon, president and CEO of the American Institute of CPAs (AICPA), said:
Acknowledging that the work of CPAs is critical to the effective functioning of our capital markets, Mary Schapiro has demonstrated a willingness to engage in a constructive dialogue with the AICPA on a wide range of issues. We commend her for putting the needs of the investing public first during her tenure as chairman. And we wish her the best.
I also want to take this opportunity to congratulate Commissioner Elisse Walter upon her nomination to succeed Mary as chairman. She is a very able and experienced regulator. We are committed to working with her on the many financial and accounting matters of importance to CPAs and investors alike.