The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it has elected Kathleen L. Casey as its next chair. Ms. Casey’s three-year appointment takes effect January 1, 2020. She succeeds Charles H. Noski, whose term concludes at the end of 2019. Ms. Casey originally joined the Financial Accounting Foundation Board of Trustees on January 1, 2018.
In addition, the FAF Board of Trustees today announced the appointment of new Trustees Bruce Herring, Michael Rollings, Timothy Ryan, Lawrence Salva, and Shundrawn Thomas. All of these appointees’ terms begin January 1, 2020, and conclude December 31, 2024.
The FAF is the parent organization of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
Kathleen Casey Appointed Chair
Ms. Casey is a senior advisor at Patomak Global Partners in Washington, DC, a financial services consultancy that specializes in strategic advisory, compliance, enforcement, and litigation support services.
Prior to joining Patomak Global Partners, she had a distinguished 18-year public service career. Ms. Casey previously served a five-year appointment as a commissioner on the U.S. Securities and Exchange Commission (SEC), where she acted as the SEC’s principal representative in various international fora, including multilateral and bilateral regulatory dialogues, the G-20 Financial Stability Board, and the International Organization of Securities Commissions (IOSCO).
She began her career working for the U.S. Senate, including serving as staff director and counsel to the U.S. Senate Banking, Housing, and Urban Affairs Committee.
She currently serves as a director of HSBC Holdings PLC and the Federal Home Loan Mortgage Corporation. Her other board memberships include Pennsylvania State University, Penn State Health, the International Valuation Standards Council, and the Library of Congress Trust Fund. Ms. Casey earned her BA from Pennsylvania State University and her JD from George Mason University.
“Kathy Casey is an outstanding leader and ideally qualified to head the Financial Accounting Foundation Board of Trustees,” said Mr. Noski. “She has made strong and lasting contributions everywhere she has worked and understands the needs of financial statement users and the world of accounting standards and financial reporting with a breadth of perspective that few can match. During her two years of service on our Board of Trustees, she has impressed us all with her many keen insights. I am very optimistic about the Foundation’s future success under Kathy’s leadership.”
“I am honored by the support of my fellow FAF Trustees to serve in this important role,” Ms. Casey said. “High-quality accounting standards are the bedrock of our financial reporting system, which in turn supports the robust, dynamic capital markets that drive growth. The FAF has an important responsibility to protect the independence of the standard-setting process, and I look forward to continuing to work with my colleagues to support that mission.”
Five New Trustees Appointed
“Along with my fellow FAF Trustees, I am pleased to welcome Bruce, Mike, Tim, Larry, and Shundrawn,” said Mr. Noski. “Their diverse experience, skills, and backgrounds will help the FAF direct the effective, efficient, and appropriate stewardship of the FASB and GASB in carrying out their standard-setting missions.”
The new appointees will fill vacancies left by retiring members Gary Bruebaker, Myra Drucker, Ann Spruill, and John Veihmeyer whose terms conclude on December 31, 2019.
“On behalf of the FAF, I want to thank Myra and John for their service and to extend a special thank you to Gary and Ann who served an additional year as Trustees during the search for their successors.” noted Mr. Noski.
Below are brief biographical sketches of the appointees:
Bruce Herring is a former president, Strategic Advisors, Fidelity Investments. He has over 30 years of experience with Fidelity, having started his career as a research analyst in 1987. He has managed multiple client portfolios, directed research in Japan and the United States, and been the chief investment officer in multiple asset classes. He serves on the Board of Directors for his alma mater, Babson College, and chairs the Investment Committee. In addition, he is the board chair for Raw Artworks in Massachusetts, a group giving underserved youth the tools to envision their futures.
Michael Rollings is the chief financial officer and managing director of the Finance Division for Vanguard Group. His group is responsible for corporate financial and fund services, internal audit, and real estate and facilities management. Mr. Rollings serves on various Vanguard Group subsidiary boards as a director and audit chair. Before joining Vanguard Group, he led capital markets divisions for both Morgan Stanley and, most recently, MassMutual Financial Group.
Timothy Ryan is the U.S. chair and senior partner for PricewaterhouseCoopers (PwC). Mr. Ryan has over 25 years of experience working with PwC, having had a broad spectrum of responsibilities including client service, stakeholder relationships, investor relations, regulatory affairs, public policy, corporate responsibility, marketing, sales, and human capital. In his roles, he has served both U.S. and international clients and has authored and been quoted in numerous publications on the topics of diversity and inclusion and closing the digital skills gap.
Lawrence Salva is the former senior advisor to the chief financial officer of Comcast Corporation. Mr. Salva has held multiple roles as a senior executive for Comcast, including serving as executive vice president and chief accounting officer. With over 40 years of experience, he began his career with PwC and served as a professional accounting fellow with the SEC’s Office of the Chief Accountant. As a partner with PwC, he held the roles of National Technical Accounting Consulting partner and Regional Risk Management partner.
Shundrawn Thomas is the president of Northern Trust Asset Management. His executive responsibilities include developing long-term strategy, executing operating plans, cultivating client relationships, and developing talented professionals. Mr. Thomas previously served as head of Funds and Managed Accounts, president of Northern Trust Securities, and head of Corporate Strategy for Northern Trust Corporation. With 25 years of experience at top-tier financial services organizations, Mr. Thomas has extensive capital markets, risk management, and governance experience. Mr. Thomas previously worked in the equities division of Goldman Sachs and began his career with Morgan Stanley in the fixed income division.
A complete list of the Board of Trustee members can be found on the FAF website.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.