The chairman of the Public Company Accounting Oversight Board, the U.S. auditing oversight body, has stepped down, the PCAOB said Tuesday.

Mark Olson is leaving his post effective July 31. He was named chairman in July 2006. Prior to joining the PCAOB, Olson served on the board of governors of the Federal Reserve.

The PCAOB was established as part of the Sarbanes-Oxley Act of 2002. The chair is appointed by the U.S. Securities and Exchange Commission (after consultation with the chairman of the U.S. Fed and the U.S. Treasury secretary). It has yet to name a replacement for Olson, who succeeded the first chairman, William McDonough.

In his letter of resignation, Olson indicated “the decision is entirely personal and reflects my desire at this time of life to establish new priorities.” He said he had no immediate plans other than to resume involvement in efforts to promote financial literacy.

IE