The Financial Accounting Foundation has appointed Charles Cox, John Dugan and Teri List-Stoll to its Board of Trustees, and accepted the resignation of Mary Stone, who earlier this month was accused of improprieties by the Securities and Exchange Commission.
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Mary Stone, director of the Culverhouse College of Commerce & Business Administration at the University of Alabama, was accused by the SEC of violating her asset-pricing responsibilities in overseeing Morgan Keegan & Co. mutual funds during the financial crisis, along with a number of other fund directors. The SEC charges that Stone and the other fund directors delegated their valuation responsibilities, and didn't pay enough attention to how the funds' assets were valued. The trustees expect to fill Stone’s position next year.
Cox has served since 1993 as director of finance for the city of Farmers Branch, Texas, where he has been responsible for the city’s accounting, financial planning, tax collection, treasury, purchasing and other functions. Previously, he was director of finance for Haltom City, Texas.
Dugan is currently a partner at the law firm of Covington & Burling LLP, a firm he rejoined after serving as the nation’s 29th Comptroller of the Currency, from August 2005 until August 2010.
List-Stoll is the senior vice president and treasurer of Procter & Gamble Company, where she is responsible for the global treasury function, investor relations, and global business development.
All three will serve a five-year term that begins Jan. 1, 2013.
Cox, Dugan and List-Stoll replace three trustees whose terms expire on December
31: Frank Brod, corporate vice president, finance and administration, and chief accounting officer, Microsoft Corp.; Edward Harrington, retired general manager, San Francisco Public Utilities Commission; and John Perrell, retired vice president, global policies, American Express Company.