Chairman Mark W. Olson Announces His Resignation

Mark W. Olson today announced his resignation as Chairman of the Public Company Accounting Oversight Board. The resignation is effective July 31, 2009.

In his letter of resignation, Mr. Olson indicated “the decision is entirely personal and reflects my desire at this time of life to establish new priorities.”

Mr. Olson was named Chairman of the PCAOB by the Securities & Exchange Commission effective July 1, 2006. Prior to joining the PCAOB, he had most recently served on the Board of Governors of the Federal Reserve.

Mr. Olson indicated he had no immediate plans for post-PCAOB service other than to resume involvement in efforts to promote financial literacy.