FASB and GASB overseer looks to hire executive director

The Financial Accounting Foundation trustees, the group who oversee the Financial Accounting Standards Board and the Governmental Accounting Standards Board, have begun a search for a new executive director to lead the FAF staff and work with the staff of FASB and GASB.

The executive director will lead a team of approximately 45 professionals who offer support services to FASB, GASB and the Private Company Council. The services include communications and public affairs, legal, information technology, human resources, publishing, financial management and administration.

The FAF executive director and staff will also support the work of the FAF trustees, who are ultimately responsible for the oversight, administration, financing and appointment of FASB, GASB and their advisory councils. In collaboration with the FAF chair, the executive director will set outreach strategy to build and nurture relationships with key stakeholders in the U.S. and abroad.

The push for an executive director comes as some of the main leadership posts at the FAF, FASB and GASB are undergoing changes. The terms of FASB Chairman Russell Golden and GASB Chairman David Vaudt are set to expire on June 30, 2020. Teresa Polley, the longtime president and CEO of the FAF, announced in April that she would be stepping down after 11 years at the helm (see FAF chief Teresa Polley to resign). In May, the FAF appointed an acting president, John W. Auchincloss, but no permanent president or CEO has been named. Mary Crotty has been serving as chief operating officer since 2014. FAF chairman Charles Noski’s term was due to end last December, but he agreed to stay on until the end of this year to help search for successors for Golden and Vaudt.

Courtesy of GASB

Among the traits that the FAF trustees are seeking in the executive director position are a strong leader and administrator, the ability to work effectively across a variety of stakeholder groups, demonstrated experience running effective teams and implementing large-scale initiatives on a limited budget, and proven expertise in building a positive workplace culture. A background in accounting is desirable, but not required, according to the FAF.

“The FAF executive director plays a vital role in the effective functioning of the standard-setting operation,” Noski said in a statement Thursday. “The FAF team is responsible for a number of important initiatives that directly affect how the Boards connect with their stakeholders.”

The FAF said that individuals who are interested in nominating themselves or others for the post can apply through the FAF website, where they can find a detailed position specification. The deadline for nominations is Friday, Nov. 29, 2019.