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Retired Bank of America executive to chair FAF trustees

By Ken Tysiac

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Charles H. Noski
Charles H. Noski (Photo courtesy of Financial Accounting Foundation)

Charles Noski, a retired vice chairman of Bank of America, has been elected chairman of the Financial Accounting Foundation (FAF) board of trustees, the foundation announced Tuesday.

Noski, who also has served as CFO of Bank of America, Northrup Grumman, AT&T, and United Technologies, will begin an initial three-year term on Jan. 1. He replaces Jeffrey Diermeier, whose term expires at the end of the year.

Five additional new trustees also were named:

  • Charles Allen, a partner and vice chairman with Crowe Horwath LLP.
  • Christine Cumming, retired first vice president and COO of the Federal Reserve Bank of New York.
  • Eugene Flood Jr., a member of the board of directors of Janus Capital Group Inc.
  • Kenneth Robinson, former chief audit executive and global risk and compliance leader of Procter & Gamble.
  • Diane Rubin, retired audit partner and quality-control partner of Novogradac & Co. LLP.

In addition, Terry Warfield, chair of the Department of Accounting and Information Systems at the University of Wisconsin–Madison, was reappointed to a new three-year term as a trustee.

Noski began his career with Deloitte & Touche LLP in 1973, spending seven years as an audit partner. He also has served as chair of the Financial Accounting Standards Advisory Council.

“I’m committed to working collaboratively with the trustees and our boards to ensure that our standard-setting process continues to improve to meet and balance the needs of our diverse stakeholders,” Noski said in a news release.

Diermeier said Noski’s experience as a board member, audit committee chair, CFO, and independent auditor gives him a broad perspective on the concerns of FAF’s stakeholders. Diermeier said the FAF trustees’ backgrounds demonstrate the foundation’s commitment to investors’ perspectives.

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With the appointment of the new trustees announced today, FAF will maintain the largest representation of investors on the board in its 43-year history, Diermeier said. “In fact, investors represent our largest single group of trustees,” he said. “Five of the 18 trustees who will serve in the coming year have direct experience as investors.”

FAF also had five investor trustees in 2015.

—Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.