Donald Nicolaisen Named SEC Chief Accountant

Securities and Exchange Commission Chairman William H. Donaldson today announced the appointment of Donald T. Nicolaisen as the Commission's Chief Accountant. Mr. Nicolaisen will oversee the Commission's accounting policy initiatives and lead the SEC's efforts with national and international standard-setters on critical accounting and auditing issues, including international convergence and efforts to adopt principles-based accounting standards. Mr. Nicolaisen will also work closely with the Public Company Accounting Oversight Board to ensure that auditors adhere to the highest business and ethical standards.

Mr. Nicolaisen is currently a senior partner at PricewaterhouseCoopers LLP (PwC), where he has held a wide range of management and leadership positions since joining the firm's predecessor, Price Waterhouse (PW), in 1967. Between 1988 and 1994, he led PW's national office for accounting and SEC services. During that time, he was also a member of the Emerging Issues Task Force of the Financial Accounting Standards Board (FASB). He later chaired PW's financial services practice for broker-dealers, investment banking, mutual funds, banking, insurance and real estate.

SEC Chairman Donaldson said, "Throughout his distinguished career, Don has been a powerful agent of change whose leadership has helped identify, build consensus around and accomplish strategic objectives toward high quality corporate financial reporting and disclosure. I am confident that Don's experience, expertise and enthusiasm will greatly benefit the Commission and the investing public."

Mr. Nicolaisen said, "This is an extremely challenging time for the accounting profession and the nation's financial reporting system, but these challenges provide a fantastic opportunity to improve financial disclosure and help rebuild investor confidence. I am delighted to join the SEC at this critical juncture and look forward to serving America's investors."

Since his election to PW's board of partners in 1994, Mr. Nicolaisen has served on PW's international board, and PwC's global and international boards. He helped lead the merger of PW and Coopers & Lybrand to become PwC, and participated in the firm's decision to exit its consulting business. Mr. Nicolaisen currently is the firm's engagement and global relationship partner for Prudential Financial, Inc.

Mr. Nicolaisen, 59, who will join the Commission in late September, received his B.A. in Business Administration from the University of Wisconsin, Whitewater, and has been a Certified Public Accountant since 1969. He and his wife, Sandie, have three children.