Norwalk, Conn. (Jan. 15, 2003) -- John K. Wulff, former chief financial officer at Union Carbide and one of the driving forces behind the streamlining of the standard-setting process, has resigned from the Financial Accounting Standards Board, effective June 30.A replacement had not been named. Wulff was elected to the board because of his lengthy resume in the corporate sector.

"For over a year now I’ve wanted to get back into the private sector, and I think that now is an appropriate time for me to do that," Wulff said. "It is earlier than expected, but when I came to the board, my strength was more in the area of process and administration and less in technical expertise."

FASB chairman Robert Herz indicated that over the past year he has been trying to convince Wulff to remain with the board.

"John’s done a lot of work on internal process management and project management, but I think he believes that now is a good time to return to the corporate community, given everything that’s been going on," Herz said.

Wulff’s resignation comes at a time when FASB is staring at a lengthy "to-do" list including stock-option expensing, becoming the profession’s lone setter for GAAP standards and examining a move toward principles-based accounting.

"I think the principles-based standards project as well as the project on simplification and codification have set the stage for doing some things to improve retrievability and potentially cause our standards to be a little simpler and more operational to apply," Wulff said. "I’m fairly happy with where the board is going, and I think I’ve made a contribution in those areas. It’s probably a good time for me to move on."

-- Glenn Cheney

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