The U.S. Securities and Exchange Commission has announced that its chief accountant, Donald Nicolaisen, will leave the commission in October to return to the private sector.

Nicolaisen, 61, joined the commission as chief accountant in September 2003 and led numerous initiatives to improve financial disclosure, strengthen the audit process and rebuild investor confidence. He forged a close working relationship with the Public Company Accounting Oversight Board to fully implement sections of the Sarbanes-Oxley Act, and he worked closely with the Financial Accounting Standards Board and international standard setters toward eventual convergence of accounting standards. The SEC also said that Nicolaisen played a key role in the commission’s efforts to embrace new technologies.

“Don Nicolaisen has served with distinction during challenging times, and has met every challenge – most notably by establishing landmark new protections for investors during the implementation of the Sarbanes-Oxley Act,” said SEC chairman Christopher Cox. “I’m pleased that he has agreed to remain at the SEC long enough to help the agency search for a successor and continue to build on his work for investors and for all who benefit from healthy capital markets.”

Nicolaisen praised his staff, saying, “So while I look forward to my return to the private sector, it is not easy to leave this great institution and the professional and personal friendships that I have forged with my colleagues and staff. I am also honoured to have served under the leadership of chairmen Christopher Cox and William Donaldson and I am very proud of what we have accomplished and the steps we have taken to protect investors and to provide stability to our markets. I look forward to working with chairman Cox to manage an effective transition for my successor however best I can.”

Prior to joining the commission, Nicolaisen was a senior partner at PricewaterhouseCoopers LLP. He joined the firm’s predecessor, Price Waterhouse, in 1967.