NEWS RELEASE 05/22/08

George J. Batavick to Remain on the Financial Accounting Standards Board

Norwalk, CT, May 22, 2008—The Financial Accounting Foundation (FAF) has announced that current FASB member George Batavick will extend his present term on the Financial Accounting Standards Board as the Board conducts its search for a candidate to fill the open seat.

Mr. Batavick, former comptroller of Texaco, previously had indicated his desire to retire from the FASB at the end of his first term, expiring on June 30 of this year.

In February 2008, the FAF reduced the number of FASB members from seven to five. The change in structure, combined with FAF’s criteria for FASB Board membership, has extended the length of the search process.

"The Trustees of the FAF thank George for his selfless commitment to the FASB and its process," said Robert E. Denham, chairman of the FAF Board of Trustees. "We are delighted to have further access to his expertise as our diligent search for a new Board member continues."

Two other FASB members, G. Michael Crooch and Donald M. Young, will leave the Board as of June 30, 2008.

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 also is responsible for selecting the members of both Boards and their respective Advisory Councils.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.