February 2000

Sommer Retires from POB

The Public Oversight Board announced on February 3 that member A.A. Sommer, Jr., has retired. Sommer joined the board in 1983 and served as its chair from 1986 to 1999, when Charles A. Bowsher succeeded him.

"During Al's tenure on the board, which coincided with a difficult period in the accounting profession, he inspired his fellow board members and the whole profession with his leadership," said Melvin R. Laird, a POB member since 1984. "He approached each challenge logically, calmly, cheerfully, and with full knowledge of the issues."

Sommer was a commissioner of the Securities and Exchange Commission from 1973 to 1976. He is presently of counsel to Morgan, Lewis & Bockius LLP in Washington, D.C., and was a partner of the firm from 1979 to 1994. In addition to his tenure on the POB, Sommer served as chair of the SEC Advisory Committee on Corporate Disclosure and as a member of the AICPA board of directors and the Financial Accounting Standards Board advisory council.

"Throughout his professional career, Al Sommer has recognized the importance of financial reporting in the U.S. and global securities markets and the unique role of independent certified public accountants in assuring the credibility of the financial information that is provided to decision-makers," POB Executive Director Jerry Sullivan said. "He is a strong proponent of private-sector financial accounting standards-setting and of self-regulation of the auditing profession."