News Release 12-04-06
NEWS RELEASE 12/04/06
Financial Accounting Foundation Appoints Dennis H. Chookaszian, Former Chairman and CEO of CNA Insurance Companies, as Financial Accounting Standards Advisory Council Chairman
Norwalk, CT, December 4, 2006—Robert J. DeSantis, President and Chief Operating Officer of the Financial Accounting Foundation (FAF) today announced that Dennis H. Chookaszian, the former chairman and chief executive officer of CNA Insurance Companies (NYSE: CNA), has been named chairman of the Financial Accounting Standards Advisory Council (FASAC).
The FASAC advises the Financial Accounting Standards Board (FASB) on technical issues relating to the Board’s agenda, project priorities, and other timely and topical matters involving the FASB. Mr. Chookaszian will succeed Richard J. Swift, whose term as FASAC chairman concludes at the end of December 2006.
Mr. Chookaszian retired as chairman and chief executive officer of CNA Insurance Companies in 1999. In his 26 years of service to CNA, Mr. Chookaszian served in numerous other executive capacities, including chairman of the Executive Committee, president and chief operating officer and chief financial officer. He was also chairman of the Agency Management Services subsidiary of CNA, and chairman of Intergroup, the HMO operation of CNA.
Commenting on the appointment, Robert E. Denham, chairman of the Financial Accounting Foundation said, “The FAF is very pleased to appoint Dennis Chookaszian as chairman of the FASAC. Dennis’ background and expertise will make him a superb chairman and resource to the FASB as it carries out its mission to establish and improve accounting and reporting standards that empower and protect investors and support efficient capital markets. We are highly confident that Dennis will continue and advance the fine work and support of his predecessor, Dick Swift, to whom we extend our deepest gratitude and well wishes.”
Mr. Chookaszian, a certified public accountant, has served on many AICPA and FASB committees and task forces including FASAC, and was a member of the Public Oversight Board Panel on Audit Effectiveness. He has also served as director for numerous public corporations including, the Chicago Mercantile Exchange, Career Education Corporation, CNA Financial Corporation, Insweb Corporation, Loews Corporation, LoopNet, MacDonald Dettwiler and Sapient Corporation. He is a Trustee of Northwestern University, a director of Northwestern Memorial Hospital Foundation and the Boy Scouts of America, and a member of the University of Chicago Graduate School of Business Advisory Council and the Northwestern University Kellogg School of Business Advisory Board.
Mr. Chookaszian earned a bachelor’s degree in chemical engineering from Northwestern University, an MBA degree in finance from the University of Chicago, and a master’s degree in economics from the London School of Economics.
"The FAF conducted a thorough and rigorous search for the new FASAC Chairperson,” added Mr. DeSantis. “Mr. Chookaszian met all of our criteria and was selected from a group of highly qualified candidates. He will commence a four-year term on
January 1, 2007. “
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.