James Kroeker reappointed as FASB vice chair, as new board member is named

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The Financial Accounting Foundation has reappointed James L. Kroeker to a second term as vice chairman of the Financial Accounting Standards Board and appointed Gary R. Buesser, a portfolio manager and financial analyst, as a new FASB member, starting July 1, 2018.

Kroeker’s second and final term will also begin that date and last until June 30, 2024. He began his first term as FASB vice chairman on Sept. 1, 2013, after serving as chief accountant at the Securities and Exchange Commission. During his first term, Kroeker has worked closely with FASB chairman Russell G. Golden on leading the board’s issuance of some major new accounting standards, including revenue recognition, leases, credit losses, not-for-profit financial reporting, and hedging.

“With Jim’s reappointment, I’m very pleased to be able to continue to work alongside and collaborate with him as I have over the past years—a critical phase in the board’s history,” said Golden. “The FASB also benefits greatly not only from Jim’s deep experience and singular perspective, but also from his wise counsel.”

FASB created the vice chairman position early in its history, but later retired the job. The FAF trustees decided to reinstate it in 2013 in response to increasing demands on the time of FASB’s chairman.

“On behalf of the FAF Board of Trustees, I am very pleased that Jim will continue as FASB vice chairman,” said FAF chairman Charles H. Noski in a statement. “He has played a pivotal role during a highly dynamic period in the board’s history and we’re fortunate to have his continued leadership as the FASB works to educate stakeholders on understanding and implementing new accounting guidance in the areas the board addressed during his tenure.”

Kroeker was the SEC’s chief accountant from 2009 to 2012, after two years as deputy chief accountant. Before joining FASB, he worked at Deloitte & Touche LLP, most recently as deputy managing partner in Deloitte’s professional practice group. Between 1999 and 2001, he was a practice fellow at FASB, leading a project that resulted in a new standard for accounting for stock compensation.

FASB’s newest member, Buesser, will succeed Marc A. Siegel, who joined FASB in July 2008 and whose second and final term concludes on June 30, 2018. At the end of his term on June 30, 2023, Buesser will be eligible for appointment to a second five-year term.

He has been a portfolio manager/research analyst for the past 30 years, including at Lazard Asset Management from 2000 until now. As a director and research analyst at Lazard since 2009, he has worked as an accounting analyst to improve the firm’s global investment professionals’ understanding of accounting standards to enable them to make better-informed investment decisions. From 2000-2009, Buesser was a portfolio manager/research analyst on the US Strategic Equity and US Mid-Cap product teams.

Before joining Lazard, Buesser was a portfolio manager at the Evergreen Funds, SG Cowen Asset Management and Shearson Lehman Hutton Asset Management. He is a Chartered Financial Analyst and a member of the New York Society of Security Analysts.

Buesser currently serves on the FAF’s Financial Accounting Standards Advisory Council. From 2010 to 2013, he was on FASB’s Investor Advisory Committee, including as co-chair from 2012 to 2013. He has also participated in a number of FASB investor outreach projects.

“We are delighted to welcome Gary to the FASB,” said Noski. “The decades of insight and expertise he has gained working with financial statements from a portfolio management, equity research, and accounting analyst perspective will be a tremendous benefit to the Board. His deep experience and broad knowledge of how investors make decisions and the information they need to know position Gary as an ideal addition to the board.”

“I’m very pleased to see Gary appointed to the FASB,” said Golden. “He’s worked closely with the board in numerous capacities over the past years and we are confident that his real-world understanding and keen analysis, which have been so valuable to the board during his service as an advisor, will benefit the FASB more directly when he joins the board next year.”

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