News Releases

James R. Doty to Chair SEC’s Public Company Accounting Oversight Board

News Release

WASHINGTON, D.C.-- James R. Doty is leaving his Corporate practice at the Washington office of Baker Botts L.L.P. to serve as chairman of the Public Company Accounting Oversight Board of the U.S. Securities and Exchange Commission. SEC Chairman Mary L. Schapiro announced Doty’s appointment late last week. The PCAOB oversees auditors of public companies and broker-dealers. Doty is expected to begin his new assignment on February 1, 2011.

The PCAOB was established under the Sarbanes-Oxley Act of 2002 to protect the interests of investors via audits and oversight of public companies and broker-dealers. Doty previously served as SEC general counsel from 1990 to 1992.

“I appreciate the confidence that Chairman Schapiro and the Commission have shown in me,” Doty said when his appointment was announced. “I look forward to working with my colleagues on the Board and the staff of the PCAOB. This is an important time for our capital markets and the Board. There is much work to be done for America’s investing public, and I’m eager to get started.”

Reflecting on his years at Baker Botts, Doty said: “It is not easy to call it a career at Baker Botts, where I have spent most of the past 40 or so years. It’s a great firm, and it has been a wonderful place to have practiced law. The work has been compelling, and the camaraderie and fellowship associated with working alongside such bright, talented and engaging partners and associates has been a reward in itself. I will miss that most of all.”

Walt Smith, Managing Partner of the firm, noted that Doty is clearly suited for his new role and its responsibilities. “Jim has provided outstanding counsel to clients over the years. As he returns to public service, all of us understand the important challenges facing the Public Company Accounting Oversight Board -- and that Jim is the best person to help solve them. We wish him only the best in his new duties,” Smith said.

Doty was a Rhodes Scholar at Oxford University and graduated summa cum laude from Rice University. He also holds a master’s degree from Harvard University and a law degree from Yale Law School. He joined the firm’s Corporate Department in Houston in 1969 and practiced there until 1987, when he moved to Washington to direct the corporate practice of the firm’s Washington office. Doty represented clients on a wide range of securities law matters, and he counseled boards of directors and audit committees on problems arising under the Sarbanes-Oxley Act and related issues.

The SEC news release of the appointment is available here.

Media coverage of the announcement is available from The New York Times (here) and Securities Law360 (here).