The Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, has appointed banking executive Mary P. Crotty to the newly created position of chief operating officer.
Crotty, a CPA, formerly worked for Bank of America, J.P. Morgan Chase and Deloitte & Touche. In her new role, she will manage the FAF’s business operations, including technology, finance, publications and other key business activities.
Besides FASB, the FAF also oversees the Governmental Accounting Standards Board and the Private Company Council. Crotty will report to FAF president and CEO Teresa S. Polley.
“We are pleased to welcome Mary to the FAF in the newly created role of chief operating officer,” Polley said in a statement. “Mary comes to us with an extensive background in corporate operations and governance, earned in a series of increasingly important leadership roles with major global banking and accounting firms. Her broad experience will be a significant asset to the FAF leadership team, which is committed to improving the efficiency and effectiveness of our business operations, and ensuring exceptional support of the FASB and the GASB and their standard-setting missions.”
Crotty will be based in the FAF’s headquarters in Norwalk, Conn. She joins the FAF team from Bank of America, where she was a managing director and, for the past four years, leader of the Corporate Compliance and Regulatory Relations groups. Prior to that, she held a variety of roles, including global compliance risk chief operating officer and business support executive in Global Markets and Global Research.
Earlier, Crotty was a managing director at J.P. Morgan Securities, Inc., where she spent eight years in U.S. Equity Research as the assistant director and chief operating officer. Prior to that, she worked in Accounting Policies and Financial Statement Analysis.
Crotty began her career at Deloitte & Touche where, as a senior manager, she directed audit engagements for multinational conglomerates and participated in mergers and acquisitions. While at Deloitte & Touche, she was selected for a two-year assignment in the Management Development Program at the National Office, where she worked in the research and SEC functions.
Crotty holds a B.S. in accounting from Manhattan College and is a CPA in the state of New York.
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