SEC Names New Chief Accountant

The Securities and Exchange Commission has named Robert Herdman as the new chief accountant, replacing Lynn Turner who left the job in August.

Previously, Mr. Herdman was a senior technical partner with Big Five firm Ernst & Young. Mr. Herdman is a member of the board of directors of the American Institute of Certified Public Accountants (AICPA) as well as a member of the AICPA's SEC practice division. He will step down from both posts when he begins his tenure with the SEC in October.

"Everyone - investors, registrants, the CPA profession and anyone else interested in the well-being of U.S. capital markets - should be pleased that a person of Bob Herdman's stature and experience has been appointed to this position," said Barry C. Melancon, AICPA's President and CEO. "Bob is a real pro. He's a tough, fair-minded, technically exceptional professional who will rigorously protect the interests of the investing public.

"He understands the challenges and responsibilities that corporate America and the profession face as well as the need to maintain and uphold the most effective capital markets in the world. He has a track record of holding the profession accountable regarding its responsibilities to the public interest and we feel confident that he will take these qualities with him to the SEC."

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