Richard Jones, who has spent 32 years at EY, will succeed Russell Golden as FASB’s chair when Golden’s term expires at the end of June, the Financial Accounting Foundation (FAF) board of trustees announced Thursday.
Jones will join FASB early next year to enable an orderly leadership transition. He is chief accountant and partner at EY, which he joined in 1987 following his graduation from the State University of New York at Binghamton.
He has served on FASB’s Financial Accounting Standards Advisory Council and was a member of the AICPA Accounting Standards Executive Committee from 2003 to 2008.
“He is an outstanding accountant, deeply knowledgeable about our diverse stakeholders, and an experienced leader who can drive consensus in the complex world of accounting standards and financial reporting,” FAF Chairman Charles Noski said in a news release.
Jones said he views 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,” he said. “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 properly.”
The FAF board of trustees, meanwhile, elected Kathleen Casey to a three-year term as chair that will take effect Jan. 1. She will succeed Noski, whose term expires at the end of the year.
The board also announced the appointments of new trustees Bruce Herring, Michael Rollings, Timothy Ryan, Lawrence Salva, and Shundrawn Thomas to three-year terms that begin Jan. 1.
FAF is the parent organization of FASB and GASB.
Casey is a senior advisor at Patomak Global Partners in Washington, D.C., a financial services consultancy. She also served a five-year appointment as an SEC commissioner during an 18-year career in public service.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.