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.
