Wes Bricker, chief accountant at the Securities and Exchange Commission, is leaving his post in June, to be succeeded by Sagar Teotia as acting chief accountant.
Bricker announced no further employment plans beyond his departure. He was named interim chief accountant in 2016 when James Schnurr suffered a serious injury in a bicycling accident. Schnurr retired in late 2016, and Bricker was assigned to the post on a permanent basis.
As the primary overseer of the Financial Accounting Standards Board and the Public Company Accounting Oversight Board, Bricker’s tenure as chief accountant converged with a period of significant change in accounting and auditing. Public companies have adopted major new standards on revenue recognition and leases, and will soon begin observing new rules on credit losses. At the same time, auditors are making significant changes to their audit reports as they prepare to disclose and describe critical audit matters under a revamped and refocused PCAOB.
Throughout his term, Bricker has evangelized through various public forums and speeches on the importance of robust audit committees and independent directors, who must proactively oversee a strong system of internal controls and external auditors, as the path to good governance for public companies.
“Wes is both the consummate professional and model public servant,” said SEC Chairman Jay Clayton in a statement. “From the first day I met Wes, I was impressed by the depth of his knowledge and his commitment to high-quality standards for the benefit of our markets and our investors.”
Teotia has served the SEC as deputy chief accountant since 2017, leading the accounting group. Prior to that, he was a partner in the national office at Deloitte, consulting on tricky accounting issues in some of the most complicated areas of Generally Accepted Accounting Principles, including financial instruments, business combinations, and compensation.