Noski to chair FAF until end of year
By Michael Cohn
Charles H. Noski has been reappointed as chairman of the board of trustees of the Financial Accounting Foundation, the group overseeing the Financial Accounting Standards Board, the Governmental Accounting Standards Board and the Private Company Council, but only until the end of 2019.
Noski began chairing the FAF at the beginning of 2016, and his three-year term was due to end on Dec. 31, 2018. However, with the chairmanships of both FASB and GASB due to change hands next year, Noski agreed to stay on for one more year. Earlier this month, the FAF announced it has begun searching for new leaders at the two standard-setting boards, with the terms of both FASB chairman Russell Golden and GASB chairman David Vaudt scheduled to end on June 30, 2020.
The FAF trustees initially asked Noski to remain for a second three-year term, but he offered to stay for just one more year, so his term will be over on Dec. 31, 2019. That means the FAF trustees will be looking for another chairman this year too.
"On behalf of the FAF Board of Trustees, I want to express our appreciation to Chuck Noski for agreeing to serve for an additional year as our Chairman,” said Anthony J. Dowd, chairman of the Appointments Committee of the FAF Board of Trustees, in a statement Friday. “Early this year, Chuck informed the board that he was not prepared to commit to a second three-year term as the board had requested, but could serve through the end of 2019. Chuck has provided outstanding leadership and strategic vision throughout his tenure. We are very pleased that he will continue to lead the board and to work with the Appointments Committee in the months ahead to select new FASB and GASB chairs to serve following the conclusion of the current FASB and GASB Chairs’ terms in 2020.”
Noski is a former vice chairman of Bank of America who was appointed FAF chairman starting Jan. 1, 2016. He retired from Bank of America in 2012, after serving as executive vice president and CFO.
The FAF also announced last Friday it has appointed two new trustees: Mary E. Barth, an accounting professor at Stanford University, and David H. Lillard, Jr., the treasurer of the state of Tennessee, effective April 16, 2019.
“The FAF Board of Trustees is pleased to welcome Mary and David as its newest members,” Noski stated. “Their diverse experience and expertise will help the Trustees promote the independence of the FASB and the GASB, oversee the standard-setting process, and support the Boards’ extensive outreach and educational efforts to stakeholders.”
The two new appointments will replace two former FAF trustees, Terry D. Warfield and Nancy K. Kopp. To complete the 18-member board, Gary H. Bruebaker and Ann M. Spruill will stay on as FAF trustees beyond their five-year terms until their successors are eventually named.