U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Robert K. Herdman Is New SEC Chief Accountant



Washington, D.C., September 19, 2001 — We proudly announce that, on October 8, 2001, Robert K. Herdman will become our Chief Accountant. The Chief Accountant oversees and directs all our accountants and accounting-related efforts, and interfaces with national and international accounting communities. In addition, Mr. Herdman will lead us in revising and modernizing our accounting and financial disclosure system. He will also be a principal advisor in developing the U.S.’s policy on international accounting standards.

Mr. Herdman is uniquely qualified for his new position. He has been a Certified Public Accountant since 1971, and has spent 28 of the last 32 years with Ernst & Young. Mr. Herdman currently is Vice-Chair of his firm, overseeing the professional practice of its Americas Assurance and Advisory Business Services. At Ernst & Young, he has been the senior partner responsible for the firm’s relationships with the SEC, the Financial Accounting Standards Board, and the American Institute of Certified Public Accountants.

Mr. Herdman has been active at the highest levels of the accounting profession’s professional organizations. Among other distinctions, on October 1, 2001, Mr. Herdman was to chair the AICPA’s SEC Practice Section Executive Committee. From 1986-1992, Mr. Herdman was a member of the FASB’s Emerging Issues Task Force. He served on our Staff as a Professional Accounting Fellow from 1982 to 1984. Mr. Herdman was Controller of a Fortune 1000 manufacturing company from 1974 to 1976. His career began at Ernst & Young in 1969, after he received his B.S.C. from DePaul University with highest honors.

Chairman Harvey Pitt said, “I am enormously gratified Bob Herdman will be our Chief Accountant. His depth of experience, in the accounting profession, in the private sector, and at the Commission, means he is most qualified to serve in this critical position. He will be a tremendous resource to us, and will guide us through difficult national and international financial disclosure and accounting judgments. Because of his public stature, Bob Herdman is particularly well-suited to ensure effective and cooperative relations between the Commission and the accounting profession. Especially in these difficult times, I am extremely pleased that Bob is willing to assume the mantle of public service.”

Mr. Herdman said, “I am pleased to have the opportunity to serve the public interest in this vital position. The challenges ahead are exciting, and I look forward to working closely with the Commission on behalf of America’s investors.”

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Modified: 09/19/2001