Mark Bolgiano has stepped down from his role as CEO of XBRL US, and will be replaced by Campbell Pryde, the current chief standards officer and head of development of the organization.
Bolgiano is leaving to join the Howard Hughes Medical Institute, where he will lead technology strategy.
XBRL, which has become synonymous with corporate actions reform in the US, claims the key to overhauling the system is to engage issuers in the process. Using its strategy, issuers tag corporate actions with key pieces of information from a predetermined taxonomy, which allows for corporate action data to travel more quickly and accurately down the chain. Engaging issuers was a key tenet of the recent study from the corporate actions working group of the International Securities Services Association (ISSA).
Pryde led the XBRL US Labs efforts that developed the corporate actions taxonomy upon which the strategy is based.
“The last four years have been an incredible experience,” Bolgiano says. “There is no doubt in my mind that the public benefit and economic impact of XBRL business reporting will be profound.”
The US SEC recently mandated XBRL technology, which is based on XML, for public company financial reporting, risk/return summaries of mutual funds and ratings actions by credit rating agencies.
CJG