Former SEC Chief Accountant Jim Kroeker is joining FASB in a new vice chairman position designed to reduce the burden on board Chairman Russell Golden.
Kroeker fills a vacancy on the board created by the June 30 retirement of Leslie Seidman, who was FASB’s chairman. FASB had a vice chairman early in its history, but later did away with the position.
The trustees of the Financial Accounting Foundation (FAF), which oversees FASB, decided to reinstate the position because of the increasing demands on the FASB chairman’s time, according to a FAF news release.
Kroeker’s term will begin Sept. 1 and conclude on June 30, 2018, when he will be eligible for appointment to a second five-year term.
“During his tenure as chief accountant, Jim demonstrated an unwavering concern for the interests of investors as well as those of preparers of financial statements,” FAF board of trustees Chairman Jeffrey Diermeier said in a news release. “The combination of his deep technical expertise and his extensive experience working with a wide range of accounting constituents will make him an exceptionally able board member.”
As vice chairman, Kroeker will help Golden represent FASB with external stakeholders and will stand in for Golden as needed in guiding the board’s internal operations, according to FAF President and CEO Terri Polley.