John J. Brennan Elected Chairman of the Financial Accounting Foundation
The Financial Accounting Foundation (FAF) has announced the election of John J. Brennan as the chairman and a member of its board of trustees. Brennan succeeds outgoing FAF Chairman, Robert E. Denham, a senior partner at the law firm of Munger, Tolles & Olson LLP, who has served as chairman since 2004 and as a member of the FAF Board of Trustees since 2003.
“Jack Brennan’s leadership and vision will be tremendous assets to the FAF and its constituents during these challenging times,” said Mr. Denham. “Jack is superbly equipped to guide the Foundation during an era of sweeping reforms to the financial system, when an independent standard-setting process that fosters transparency and reliability in financial reporting is more critical to investors than ever.”
Brennan is the first to serve as FAF Chairman under the revised governance structure approved by the board of trustees in 2008. The chairman’s role has been expanded to reflect the additional responsibilities resulting from the increasing strategic needs of the organisation. The chairman will focus primarily on strategic initiatives, provide vision and leadership to the Board of Trustees in achieving the FAF’s enhanced oversight activities, consult regularly with the FASB and GASB Chairs, and work closely with the FAF President.
The FAF has also announced that Jeffrey J. Diermeier, Cynthia P. Eisenhauer, and Dennis M. Kass have been appointed to its board of trustees.