The Board of Trustees of the Financial Accounting Foundation has announced that Richard R. Jones will be the new chair of the Financial Accounting Standards Board and Kathleen L. Casey will be the new chair of the Financial Accounting Foundation. 

Richard R. Jones, who will assume his new role early next year, will replace current chair Russell G. Golden, who was appointed in 2013. He has worked at Ernst & Young his entire career, joining in 1987, then rising to assurance partner in 2000, director of consultations in 2008 and, finally, chief accountant at the firm's national office in 2014. 

Jones previously served on the Financial Accounting Standards Advisory Council (FASAC) from 2016 to 2018. He was also a member of the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants (AICPA) from 2003 to 2008.

“I am both excited and humbled by this opportunity,” Jones said. “I have long regarded the FASB as a fascinating and vital player in the financial reporting system. The independent standard-setting process is a national asset and is foundational to our robust financial markets.  I am eager to join my new colleagues to carry on the mission to establish and improve accounting standards, and to educate stakeholders on how to implement them successfully.”

Kathleen L. Casey served as a member of the Securities and Exchange Commission from 2006 to 2011, the capstone of an 18-year public service career. Currently she is a senior advisor at Patomak Global Partners in Washington, D.C., a financial services consultancy that specializes in strategic advisory, compliance, enforcement, and litigation support services. Beyond that, she also serves as a director of HSBC Holdings PLC and the Federal Home Loan Mortgage Corporation.  Her other board memberships include Pennsylvania State University, Penn State Health, the International Valuation Standards Council, and the Library of Congress Trust Fund. Ms. Casey earned her BA from Pennsylvania State University and her JD from George Mason University.

“I am honored by the support of my fellow FAF Trustees to serve in this important role,” Ms. Casey said.  “High-quality accounting standards are the bedrock of our financial reporting system, which in turn supports the robust, dynamic capital markets that drive growth. The FAF has an important responsibility to protect the independence of the standard-setting process, and I look forward to continuing to work with my colleagues to support that mission.”

In addition, the trustees appointed five new foundation board members: 

* Bruce Herring, former president of Fidelity Investments Strategic Advisors
* Michael Rollings, CFO of the Finance Division for Vanguard Group
* Timothy Ryan, U.S. chair and senior partner for PricewaterhouseCoopers (PwC)
* Lawrence Salva, former PwC National Technical Accounting Consulting partner and Regional Risk Management partner  (who most recently was senior advisor to the CFO of Comcast)
* Shundrawn Thomas, president of Northern Trust Asset Management . 

The new appointees will fill vacancies left by retiring members Gary Bruebaker, Myra Drucker, Ann Spruill, and John Veihmeyer whose terms will conclude on Dec. 31, 2019.