The Board of Trustees of the Financial Accounting Foundation (FAF), which oversees the Financial Accounting Standards Board (FASB), named Russell G. Golden the 1 next chairman of the FASB. Golden will succeed the current chair, Leslie F. Seidman, whose term ends on June 30.
Golden has served as an FASB member since his appointment in September 2010, having previously served for six years on the FASB staff. Earlier, he was a partner at Deloitte & Touche LLP. His term as FASB chairman will extend to June 30, 2017, at which time he will be eligible to serve another term of three years (FASB members are limited to serving a total of 10 years on the board).
On Golden's appointment, Jeffrey J. Diermeier, chairman of the FAF Board of Trustees, said: "After an extensive search, which involved the evaluation of many highly qualified candidates from a variety of backgrounds, the trustees determined that Russ Golden is the best qualified person to take on the role of FASB chairman."
He added that Golden "will bring to his new position a deep understanding of technical accounting issues informed by a broad appreciation of the larger environment in which the FASB operates, which he developed during his years as both a staff member and as a board member."
Golden said, "In the past three years, I've had the priviledge of working closely and cooperatively with my talented and dedicated colleagues on the FASB. I'm honored that I've been asked to continue that work as FASB chairman.
"As we address the many critical issues facing the FASB in the coming months, I'll strive to ensure that we meet the high standard set by Leslie Seidman. That means putting the interests of investors first; working to making financial reporting as clear, transparent and useful as possible; and never losing sight of the balance between costs and benefits."
In a press conference...