News Release 11/14/17

FINANCIAL ACCOUNTING FOUNDATION NAMES KATHLEEN L. CASEY, JEFFREY L. ESSER, AND DAVID C. VILLA AS NEW TRUSTEES


Norwalk, CT—November 14, 2017—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Kathleen L. Casey, Jeffrey L. Esser, and David C. Villa to the FAF Board of Trustees, effective January 1, 2018.

The FAF is the parent organization of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

“The FAF Board of Trustees is pleased to welcome Kathleen, Jeffrey, and David as its newest members,” said FAF Chairman Charles H. Noski. “Their diverse experience and expertise will help the Trustees direct the effective, efficient, and appropriate stewardship of the FASB and GASB in carrying out their missions.”

The new appointments will fill upcoming vacancies on the Board of Trustees. Trustees whose terms conclude on December 31, 2017, are Secretary and Treasurer Ann Marie Petach, Charles S. Cox, and John C. Dugan.

“On behalf of the FAF, I want to thank Ann Marie, Charles, and John for their years of leadership, service, and their valuable oversight of the FASB and GASB’s standard-setting process,” said FAF President and CEO Teresa S. Polley.

Below are brief biographical sketches of the new Trustees:


Kathleen L. Casey
Kathleen L. Casey is a senior advisor with Patomak Global Partners LLC and previously served as a U.S. Securities and Exchange Commission (SEC) commissioner. She also sits on the board of directors of HSBC Holdings plc, and serves as chairman of the Board of Penn State Health. Ms. Casey also serves on the Library of Congress Trust Fund Board, the International Valuation Standards Council, and the Pennsylvania State University Board of Trustees. 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.


Jeffrey L. Esser
Jeffrey L. Esser is the executive director emeritus of the Government Finance Officers Association (GFOA). He recently retired from the GFOA after serving more than 35 years as chief executive officer. Mr. Esser also sits on the boards of directors of the Center for State and Local Government Excellence and is chair of the Endowment Board of the Bernard Zell Day School in Chicago. He is also a volunteer consultant with the Executive Service Corps of Chicago and provides strategic and financial advice to not-for-profit organizations. Before joining GFOA in 1979 as the director of its Federal Liaison Center, Mr. Esser served as the staff director of government operations and director of the criminal justice and consumer affairs project for the National Conference of State Legislatures.


David C. Villa
David C. Villa is the chief investment officer for the State of Wisconsin Investment Board. He also sits on the boards of directors of the Marguerite Casey Foundation and the Madison College Foundation. With more than 35 years of experience in the financial services profession, Mr. Villa previously served as chief investment officer for the Florida State Board of Administration, and also worked for UBS Global Asset Management/Brinson Partners in Chicago as an executive director and client relationship manager. Mr. Villa began his career with First Chicago and Arthur Andersen.


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.