News Release 10/23/14

FINANCIAL ACCOUNTING FOUNDATION NAMES MARY P. CROTTY AS CHIEF OPERATING OFFICER


Norwalk, CT, October 23, 2014—The Financial Accounting Foundation (FAF) today named Mary P. Crotty to the new position of chief operating officer. In her new role, Ms. Crotty will manage the Foundation’s business operations, including technology, finance, publications, and other key business activities. She will report to FAF President and Chief Executive Officer Teresa S. Polley.

The FAF oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

“We are pleased to welcome Mary to the FAF in the newly created role of chief operating officer,” Ms. Polley said. “Mary comes to us with an extensive background in corporate operations and governance, earned in a series of increasingly important leadership roles with major global banking and accounting firms.

“Her broad experience will be a significant asset to the FAF leadership team, which is committed to improving the efficiency and effectiveness of our business operations, and ensuring exceptional support of the FASB and the GASB and their standard-setting missions.”

Ms. Crotty will be based in Norwalk. She joins the FAF team from Bank of America, where she was a managing director and, for the past four years, leader of the Corporate Compliance and Regulatory Relations groups. Prior to that, Ms. Crotty held a variety of roles, including global compliance risk chief operating officer and business support executive in Global Markets and Global Research.

Earlier, Ms. Crotty was a managing director at J.P. Morgan Securities, Inc., where she spent eight years in U.S. Equity Research as the assistant director and chief operating officer. Prior to that, she worked in Accounting Policies and Financial Statement Analysis.

Ms. Crotty began her career at Deloitte & Touche where, as a senior manager, she directed audit engagements for multinational conglomerates and participated in mergers and acquisitions. While at Deloitte & Touche, she was selected for a two-year assignment in the Management Development Program at the National Office, where she worked in the research and SEC functions.

Ms. Crotty holds a B.S. in accounting from Manhattan College and is a certified public accountant in the state of New York.


About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.