News Release 12-05-11
NEWS RELEASE 12/05/11
Financial Accounting Foundation Names Bank of America’s Charles H. Noski as Chairman of the Financial Accounting Standards Advisory CouncilNorwalk, CT, December 5, 2011—Charles H. Noski, vice chairman of Bank of America Corporation, today was appointed chairman of the Financial Accounting Standards Advisory Council (FASAC) for a one-year term beginning January 1, 2012.
The Council advises the Financial Accounting Standards Board (FASB), the private-sector organization responsible for setting accounting standards for U.S. companies, on technical issues related to the Board’s agenda, project priorities, and other issues.
Mr. Noski will succeed Dennis H. Chookaszian, former chairman and chief executive officer of CNA Insurance companies, whose term as FASAC chairman concludes on December 31.
Mr. Noski’s appointment was announced by John J. Brennan, chairman of the Board of Trustees of the Financial Accounting Foundation (FAF). The FAF is responsible for the oversight, administration, and financing of the FASB and its counterpart for state and local governments, the Governmental Accounting Standards Board (GASB).
“With his breadth of experience in corporate finance across a range of industries, Chuck Noski will bring to the FASAC a deep understanding of the complex issues facing the FASB as it seeks to serve the best interests of all those who use, prepare, and audit financial statements,” Mr. Brennan said. “We are very pleased to welcome him as the new FASAC chairman.”
Mr. Brennan thanked Mr. Chookaszian for his service to the FASAC during the past five years. “We offer our heartfelt thanks to Dennis for his five years of hard work and dedication to the cause of financial transparency and integrity. The FASB and the FASAC both are better organizations because of Dennis’ work,” Mr. Brennan said.
Leslie F. Seidman, chairman of the FASB, said: “On behalf of the Board members and staff of the FASB, we thank Dennis for the enthusiasm and dedication he brought to chairing FASAC over the past five years. Dennis encouraged FASAC, through effective meetings and other communications, to provide the Board with timely insights, advice, and support, and we are very grateful. We look forward to working with Chuck in this important advisory role.”
Prior to his appointment as vice chairman, Mr. Noski was executive vice president and chief financial officer of Bank of America Corporation. Previously, he served as chief financial officer of Northrop Grumman Corporation and as a senior advisor to The Blackstone Group, one of the world’s leading private equity firms. Earlier in his career, Mr. Noski was chief financial officer and, later, vice chairman of the board of directors of AT&T Corporation; and chief financial officer and, later, president and chief operating officer of Hughes Electronics Corporation.
Prior to joining Hughes, he was an audit partner with Deloitte & Touche. Mr. Noski has also served as a director of Air Products & Chemicals, Inc., Automatic Data Processing, Inc., Morgan Stanley, and Northrop Grumman Corporation, and is currently a director of Avery Dennison Corporation and Microsoft Corporation.
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.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Governmental Accounting Standards Board and its counterpart for the private sector, the Financial Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.