FAF names two board members to FASB

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The trustees of the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board, have named Frederick Cannon as a new member of the board and reappointed Christine Botosan, and also added five new trustees.

Cannon’s term with FASB will run from July 1, 2021, to June 30, 2026. He succeeds R. Harold Schroeder. Botosan was originally appointed to the board in 2016, and her second term will run until 2026.

“Mr. Cannon is an accomplished economist with a deep understanding of financial services and has a strong user perspective,” said Kathleen Casey, chair of the FAF Board of Trustees, in a statement. “I also congratulate Ms. Botosan on her reappointment. As an award-winning professor and researcher, Ms. Botosan provides invaluable context to the standard-setting process.”

Frederick Cannon

Cannon is director of research and chief equity strategies at Keefe, Bruyette & Woods, an investment bank and broker-dealer that is a subsidiary of Stifel Financial. He is also currently a member of the FASB Transition Resource Group for Credit Losses. He brings almost 40 years of experience, including stints at Bank of America and Golden State Bancorp. He holds an MS in agricultural economics from Cornell, and is a Chartered Financial Analyst.

Separately, the FAF appointed five new trustees:

  • Timothy Christen;
  • Lynnette Kelly;
  • Richard Reisig;
  • Sarah Smith; and,
  • Robin Washington.

“Together with the Board of Trustees, I am pleased to welcome Tim, Lynnette, Rick, Sarah, and Robin,” Casey said in a statement. “Their varied backgrounds, experience, and skill sets will ensure a continued diversity of perspective, which is critical for the FAF in directing the appropriate stewardship of the FASB and GASB in carrying out their standard-setting missions.”

The new appointees succeed retiring members Charles Allen, Christine Cumming, Eugene Flood, Kenneth Robinson, and Diane Rubin whose terms are due to end on Dec. 31, 2020.

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