David A. Costello, CPA, president and CEO of the National Association of State Boards of Accountancy, has announced his plans to retire from his executive role with NASBA, effective Jan. 1, 2012.

Costello made the formal announcement before the NASBA board of directors during the board’s quarterly meeting on April 23. To effectively prepare for the transition of leadership, the NASBA board has approved a formal process and Selection Advisory Committee to determine his successor. The SAC will represent each of the eight NASBA regions.

Beginning in June 2010, the SAC will vet its formal selection process with state boards and obtain feedback from state board representatives during NASBA’s 2010 regional meetings. Following the vetting process, a formal candidate search will be launched with consideration being given to current NASBA staff, as well as, other qualified candidates.

Upon receiving finalist recommendations from the SAC and NASBA Executive Committee, an announcement of Costello’s successor will be named after approval by the NASBA board of directors.

The overall time frame for the search and selection process is expected to last approximately nine to 12 months, with the goal to have a replacement identified and on board to ensure sufficient time for smooth transition.

Over the years, Costello has represented the voice of state boards of accountancy by addressing legislators, professional groups, academia and the general public on issues such as accounting standards, mobility, peer review reporting, licensure best practices and public protection, all of which have a global impact on the accounting profession. Under his leadership, NASBA relocated its headquarters to Nashville and grew its employee base from 40 employees to over 250 employees.

In addition to serving as president and CEO of NASBA since 1994, Costello is also the president and CEO of NASBA’s Center for the Public Trust, which was established in 2004 to address the issue of ethics and ethical behavior in business, education, public policy and society.