Dec 12 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.