The Securities and Exchange Commission (SEC) announced on Wednesday, September 7, 2005, that Chief Accountant Donald T. Nicolaisen will be leaving the Commission in October 2005 to return to the private sector.
A former senior partner with PricewaterhouseCooper, Nicolaisen joined the SEC in September of 2003. As Chief Accountant, he forged close working relationships with the Public Company Accounting Oversight Board (PCAOB) and the Financial Accounting Standards Board (FASB) to fully implement sections of the Sarbanes-Oxley Act. He also worked towards the eventual convergence of accounting standards with regulators and standard setting organizations around the world. Nicolaisen also played a key role in the Commission’s embracing of new technologies including the eXtensible Business Reporting Language (XBRL) pilot program.
“Over the last two years I have had the great privilege of working with a highly talented and motivated staff. They are a terrific group working toward the same basic goal – representing the interests of investors,” Nicolaisen said in a statement announcing his departure. “So while I look forward to my return to the private sector, it is not easy to leave this great institution and the professional and personal friendships that I have forged with my colleagues and staff. I am also honored to have served under the leadership of Chairmen Christopher Cox and William Donaldson and I am very proud of what we have accomplished and the steps we have taken to protect investors and to provide stability to our markets. I look forward to working with Chairman Cox to manage an effective transition for my successor however best I can.”
“Don Nicolaisen has served with distinction during challenging times, and has met every challenge-most notably by establishing landmark new protections for investors during the implementation of the Sarbanes-Oxley Act,” SEC Chairman Christopher Cox said in the announcement. “I’m please that he has agreed to remain at the SEC long enough to help the agency search for a successor and continue to build on his work for investors and for all who benefit from healthy capital markets.”