The Financial Accounting Foundation has tapped Teresa S. Polley as its new president and chief operating officer.

The FAF oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board, and is responsible for selecting the members of both boards and their advisory councils. Polley has been serving as interim COO for several months at the FAF and will be taking over the permanent slot effective immediately.

She joined FASB in 1987 as a technical associate and worked her way up through the organization. Most recently she served as executive director of advisory groups for FASB.

"For 20 years, Terri has served the organization in a variety of roles, adding value to everything she has touched," said FAF Board of Trustees chairman Robert Denham in a statement.

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