The Financial Accounting Foundation has chosen John J. Brennan, chairman of mutual fund giant Vanguard Group, as its new chairman and a member of its board of trustees.

The FAF is the independent private-sector organization responsible for oversight of the Financial Accounting Standards Board and the Governmental Accounting Standards Board. Brennan succeeds Robert E. Denham, a senior partner at the law firm of Munger, Tolles & Olson, who has served as FAF chairman since 2004 and has been a member of the FAF board since 2003.

“Jack Brennan’s leadership and vision will be tremendous assets to the FAF and its constituents during these challenging times,” said Denham in a statement.

Brennan is the first FAF chairman to serve under a revised governance structure approved last year. The chairman’s role has been expanded with additional responsibilities. He will focus primarily on strategic initiatives, provide vision and leadership to the board of trustees in achieving the FAF’s enhanced oversight activities, consult regularly with the FASB and GASB chairs, and work closely with the FAF president.

Brennan has served as chairman of Vanguard Group and each of the Vanguard mutual funds since 1998. He previously served as Vanguard’s CEO from 1996 until August 2008, and also served as an FAF trustee from 1998 to 2003. He has also been chairman of the Investment Company Institute, a trade organization representing mutual fund companies, and is a governor of the Financial Industry Regulatory Authority.

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