News Release 12/08/15
CHARLES H. NOSKI ELECTED FAF BOARD CHAIR;
BOARD NAMES FIVE OTHERS AS NEW FAF TRUSTEES
Norwalk, CT—December 8, 2015—Charles H. Noski has been elected chair of the Board of Trustees of the Financial Accounting Foundation (FAF), effective January 1, 2016, the Trustees announced today.
The FAF is the parent organization of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
Mr. Noski has served as chief financial officer, audit committee chair, and in other senior executive and governance roles at major U.S. corporations. He will serve an initial term of three years as chair of the FAF Trustees, succeeding Jeffrey J. Diermeier, former president and CEO of the CFA Institute. Mr. Diermeier’s term ends on December 31, 2015.
The FAF also announced the appointment of five other new Trustees, each to a five-year term beginning January 1, 2016:
- Charles M. Allen, a partner and vice chairman with Crowe Horwath LLP
- Christine M. Cumming, retired first vice president and chief operating officer of the Federal Reserve Bank of New York
- Eugene Flood, Jr., a member of the board of directors of Janus Capital Group, Inc., and a former board member of other major asset management firms, including TIAA-CREF and Smith Breeden Associates, Inc.
- Kenneth B. Robinson, former chief audit executive and global risk and compliance leader of the Procter & Gamble Company
- Diane M. Rubin, retired audit partner and quality control partner of Novogradac & Company LLP.
Mr. Diermeier added, “Charles Allen, Christine Cumming, Eugene Flood, Kenneth Robinson, and Diane Rubin bring extensive experience and widely diverse backgrounds to the FAF Board of Trustees. Their insights will help the Trustees better support the standard-setting process for all stakeholders of the FASB and the GASB.”
Noting that the investor perspective is critical to the organization’s mission, Mr. Diermeier said, “With the appointment of the six new Trustees announced today, the FAF will maintain the largest representation of investors on its Board in its 43-year history. In fact, investors represent our largest single group of Trustees. Five of the 18 Trustees who will serve in the coming year have direct experience as investors. Five investor Trustees served on the Board in 2015, four from 2012 to 2014, three from 2009 to 2011, and two from 2003 to 2009.”
Mr. Noski said, “I’m honored to have been elected chair of the FAF Board of Trustees. My experience as chair of the Financial Accounting Standards Advisory Council gave me important insight into the work of the FAF and its standard-setting Boards. I’m committed to working collaboratively with the Trustees and our Boards to ensure that our standard-setting process continues to improve to meet and balance the needs of our diverse stakeholders.”
Four of the six new Trustee appointments will fill upcoming vacancies on the Board of Trustees. In addition to Mr. Diermeier, Trustees whose terms conclude on December 31, 2015, are Carol Anthony (John) Davidson, Stephen R. Howe, Jr., and W. M. (Mack) Lawhon.
The fifth appointment will fill an existing vacancy created by the resignation in late 2014 of former Trustee Teri List-Stoll. The sixth appointment was made at the discretion of the Trustees, who are permitted to name as many as 18 members to the Board.
The Trustees also reappointed Trustee Terry D. Warfield, PwC Professor in Accounting and chair of the Department of Accounting and Information Systems at the University of Wisconsin, Madison. Mr. Warfield’s new term will end on December 31, 2018.
FAF President and Chief Executive Officer Teresa S. Polley said, “On behalf of the FAF, I want to thank Jeff Diermeier for his years of dedicated service, first as a member and later as chair of the FAF Board of Trustees.
“Under Jeff’s leadership, the Trustees helped make the standard-setting process more accessible to a broader range of stakeholders through the new Private Company Council. Earlier, Jeff served as co-chair of the Standard-Setting Process Oversight Committee, assisting the Trustees in assessing the effectiveness of the FASB and GASB’s standard-setting process. We very much appreciate Jeff’s many contributions.
“We also want to thank our other departing Trustees—including Vice Chair John Davidson, Steve Howe, and Mack Lawhon—for their commitment and service to our organizations,” Ms. Polley added. “We are particularly appreciative of Mack’s work in serving as the first chair of the Private Company Review Committee, which helped get the Private Company Council off to a successful start.”
Below are brief biographical sketches of the new Trustees:
Charles H. Noski retired as vice chairman of Bank of America Corporation in 2012, after serving as the corporation’s executive vice president and chief financial officer. He joined Bank of America in 2010, following the onset of the financial crisis. Presently, he serves as a member of the board of directors and chair of the audit committees of Avon Products, Inc. and Microsoft Corporation, and as a director of The Priceline Group Inc., and the National Association of Corporate Directors. Previously, Mr. Noski served on the boards of directors of Air Products & Chemicals, Inc., Automatic Data Processing, Inc., Avery Dennison Corporation, and Morgan Stanley. Earlier, he was vice president and chief financial officer and a director of Northrop Grumman Corporation, a senior advisor at Blackstone Group L.P., vice chairman of the board of directors and chief financial officer of AT&T Corporation, and executive vice president and chief financial officer of United Technologies Corporation. Mr. Noski began his career with Deloitte & Touche LLP in 1973, spending seven years as an audit partner prior to joining Hughes Electronics Corporation in 1990 and advancing from senior financial roles to president and chief operating officer.
Charles M. Allen is a partner with Crowe Horwath LLP. Mr. Allen served as Crowe Horwath LLP’s chief executive officer for eight years, moving to the role of vice chairman in April 2015. He also is co-chairman of Crowe Horwath International, along with the principal partner of the Chinese member firm. With 40 years of experience, Mr. Allen is known for providing strategic assistance to private and cross-border investors in accounting, reporting, and related business issues involved in acquiring and financing targeted companies. He also advises companies on risk, regulatory compliance and governance.
Christine M. Cumming, Ph.D., retired first vice president and chief operating officer of the Federal Reserve Bank of New York, served various leadership roles with the bank from 1979 to 2015. In her most recent role, she founded and chaired the bank’s first Operational Risk Committee and sponsored the creation of the bank’s first risk function with a chief risk officer in 2009. Dr. Cumming also served as a member of the Federal Reserve System’s committee on investment performance for eight years.
Eugene Flood, Jr., Ph.D., serves on the Board of Janus Capital Group. Inc., an asset management holding company with approximately $176 billion in assets under management. He also has served on the boards of TIAA-CREF and Smith Breeden Associates. Dr. Flood has had a distinguished and varied career including 12 years with Morgan Stanley and 5 years as an assistant professor of finance with Stanford University.
Kenneth B. Robinson, former chief audit executive and global risk and compliance leader with the Procter & Gamble (P&G) Company, joined P&G in 1977 and served in a variety of global financial and accounting and compliance leadership roles during his career. In his most recent role, Mr. Robinson led P&G’s global internal audit function and developed and implemented its enterprise risk and compliance framework.
Diane M. Rubin is a retired audit partner and quality control partner with Novogradac & Company LLP, a national public accounting firm with a large roster of private company clients. Novogradac provides a full spectrum of audit, tax, valuation, and other services, with a focus on affordable housing, community development, and renewable energy fields. Previously, Ms. Rubin owned a diversified auditing, accounting, and tax practice. She is an inaugural member of the FAF’s Private Company Council (PCC) and will serve until her term expires on December 31, 2015.
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.