SEC Accepts Resignation of Judge Webster

FOR IMMEDIATE RELEASE
2002-159

Washington, D.C., November 12, 2002 -- Securities and Exchange Commission Chairman Harvey L. Pitt today accepted on behalf of the Commission the resignation of William H. Webster as chairman of the Public Company Accounting Oversight Board.

"I regret that Judge William Webster has chosen to resign as Chairman of the Public Company Accounting Oversight Board. Judge Webster's proven integrity and long record of accomplishment would have served the American people well, as it has time and time again.

I am deeply grateful to Judge Webster for having agreed to step back into public service and lead the Public Company Accounting Oversight Board through the critical challenges it will face. I continue to believe that investors would have benefited from Judge Webster's dedication to the best interest of the American people."