Mallory Factor was elected chairman of the Legislative Audit Council, the state body that reviews South Carolina agencies and programs at the request of the General Assembly.
Factor has sat on the council board since 2011 and was vice chairman.
He is president of Mallory Factor Inc., an independent merchant bank and financial consulting firm in Charleston. He also hosts meetings in New York and Charleston of business and conservative political leaders.
He succeeds Philip Laughridge, who led the council for six years and was elected vice chairman. He owns Philip Laughridge Homes and is an accountant.
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Factor and Laughridge are among five members of the public elected by the General Assembly to the council board.