News Release 04/19/19

Financial Accounting Foundation Reappoints Chairman Charles H. Noski; Appoints Two New Trustees

Norwalk, CT—April 19, 2019—The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the reelection of Charles H. Noski as chairman of the FAF Board of Trustees for an additional term ending December 31, 2019.

The FAF is the parent organization for the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

"On behalf of the FAF Board of Trustees, I want to express our appreciation to Chuck Noski for agreeing to serve for an additional year as our Chairman,” said Anthony J. Dowd, Chairman of the Appointments Committee of the FAF Board of Trustees.  “Early this year, Chuck informed the Board that he was not prepared to commit to a second three-year term as the Board had requested, but could serve through the end of 2019. Chuck has provided outstanding leadership and strategic vision throughout his tenure. We are very pleased that he will continue to lead the Board and to work with the Appointments Committee in the months ahead to select new FASB and GASB Chairs to serve following the conclusion of the current FASB and GASB Chairs’ terms in 2020.”

The FAF also announced the appointments of two new Trustees, Mary E. Barth and David H. Lillard, Jr., effective April 16, 2019.

“The FAF Board of Trustees is pleased to welcome Mary and David as its newest members,” said Noski. “Their diverse experience and expertise will help the Trustees promote the independence of the FASB and the GASB, oversee the standard-setting process, and support the Boards’ extensive outreach and educational efforts to stakeholders.”

The two new appointments replace former Trustees Terry D. Warfield and Nancy K. Kopp. To complete the 18-member board, Gary H. Bruebaker and Ann M. Spruill will remain as FAF Trustees beyond their five-year terms (as permitted by the FAF’s by-laws) until their successors are named at a future date.

“On behalf of the FAF, I want to thank Nancy and Terry for their years of leadership on the Board,” Noski added. “Throughout their service they have demonstrated a high level of commitment in overseeing the FASB and GASB, while successfully protecting the independence of the Boards.”

Below are brief biographical sketches of the appointees:

Charles H. Noski was appointed chairman of the FAF Board of Trustees effective as of January 1, 2016. He retired as vice chairman of Bank of America Corporation in 2012, after serving as the corporation’s executive vice president and chief financial officer. Mr. Noski joined Bank of America in 2010, following the onset of the financial crisis. Previously, he served in senior executive positions and as a member of the boards of directors of AT&T Corporation, Hughes Electronics Corporation, and Northrop Grumman Corporation. Presently, he serves as a member of the board of directors and chair of the audit committees of Booking Holdings Inc., and Microsoft Corporation. Previously, Mr. Noski served on the boards of directors of Air Products & Chemicals, Inc., Automatic Data Processing, Inc., Avery Dennison Corporation, Avon Products, Inc., Morgan Stanley, and the National Association of Corporate Directors, and was a member of the Standing Advisory Group of the Public Company Accounting Oversight Board.

Mary E. Barth is the Joan E. Horngren Professor of Accounting, Emerita at Stanford University’s Graduate School of Business. She has served as a professor in accounting there since 1995. Professor Barth also served as a member of the International Monetary Fund’s External Audit Committee from 2014 to 2016 and as its Chair from 2016 to 2017.  She also served as a member of the International Accounting Standards Board from 2001 to 2009, and as its Academic Advisor from 2009 to 2011. During her tenure at Stanford University, she has held other visiting and honorary professor positions at London Business School, University of Melbourne, Singapore Management University, University of Pretoria, and the University of International Business and Economics in Beijing. Prior to joining Stanford University, Professor Barth served as an Associate Professor of Business Administration at Harvard University.  She started her career at Arthur Andersen & Co. and was an audit partner before entering academia.

David H. Lillard, Jr., is the treasurer of the state of Tennessee. He was originally elected in January 2009 and is responsible for the custody and investment of all state funds and for programs and operations of the Tennessee Department of the Treasury. In addition to serving on a variety of Tennessee Boards and Commissions of the state of Tennessee, Mr. Lillard previously served as president of the National Association of State Auditors, Comptrollers, and Treasurers (NASACT) from 2016 to 2017. He also served as president of the National Association of State Treasurers (NAST) and currently represents NAST on the Governmental Accounting Standards Advisory Council (GASAC). Before being elected treasurer for the state of Tennessee, Mr. Lillard served as a member of Burch, Porter & Johnson, PLLC law firm from 1990 to 2009.

Professor Barth’s and Mr. Lillard’s terms end on December 31, 2023.

The FAF also announced the appointment of FAF Trustee Diane M. Rubin as vice chair, effective January 1, 2019.

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit