Davidson, executive who aided in Tyco clean-up, joins FINRA board

Wed Dec 12, 2012 12:11pm EST

Dec 12 (Reuters) - A former accounting executive who helped run Tyco International Ltd in the aftermath of an international accounting scandal will join the board of Wall Street's industry-funded watchdog, according to the regulator.

The Financial Industry Regulatory Authority (FINRA) said on Wednesday Carol Anthony Davidson, known as John Davidson, will serve on its board of governors beginning in January.

Now retired, Davidson joined Tyco in 2004 as its controller and chief accounting officer.

FINRA's board of governors has a big hand in everything from helping to determine industry fees to which proposed rules FINRA should submit to the U.S. Securities and Exchange Commission. The board includes both public and industry members.

Davidson's appointment at Tyco was part of a management overhaul aimed at rehabilitating the company after its former chief executive, Dennis Kozlowski, and chief financial officer Mark Swartz, were accused of looting hundreds of millions of dollars from the company. They were convicted of securities fraud and other offenses in 2005.

Allegations that Tyco's long-time auditor at the time, PricewaterhouseCoopers LLP, had signed off on questionable actions, were a key issue in the scandal.

Davidson will fill a seat on FINRA's 22-person board vacated by departing board member, Ellyn Brown. Prior to Tyco, Davidson led the internal audit function at Eastman Kodak Company.

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