News Release 12-21-12


Financial Accounting Foundation Appoints Three New Members to Its Board of Trustees

Norwalk, CT, December 21, 2012—The Financial Accounting Foundation (FAF) today announced that Charles S. Cox, John C. Dugan, and Teri L. List-Stoll have been appointed to the FAF Board of Trustees. The FAF is the independent, private-sector organization responsible for the oversight of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

“The FAF Board of Trustees is pleased to welcome Charles, John, and Teri as its newest board members,” said FAF Chairman Jeffrey J. Diermeier. “Their wide-ranging business experience and extensive financial backgrounds will add significant value to the Trustees as we work to support the FASB and GASB’s mission of independent and open standard setting.”

Mr. Cox has served since 1993 as director of finance for the city of Farmers Branch, Texas, where he has been responsible for the city’s accounting, financial planning, tax collection, treasury, purchasing and other functions. Previously, he was director of finance for Haltom City, Texas. Earlier, he was a financial analyst with General Dynamics Corporation in Fort Worth. Mr. Cox holds a bachelor’s degree in business administration from Texas Christian University and an MBA from Southern Methodist University.

Mr. Dugan is currently a partner at the law firm of Covington & Burling LLP, a firm he rejoined after serving as the nation’s 29th Comptroller of the Currency, from August 2005 until August 2010. As Comptroller, Mr. Dugan led an agency that supervised more than 1,500 federally chartered commercial banks and 50 federal branches and agencies of foreign banks in the United States, and was frequently involved in accounting issues. He also previously served as Assistant Secretary of the Treasury for Domestic Finance, and as Minority General Counsel for the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Mr. Dugan earned a bachelor’s degree from the University of Michigan and a JD from Harvard Law School.

Ms. List-Stoll is the senior vice president and treasurer of Procter & Gamble Company, where she is responsible for the global treasury function, investor relations, and global business development. Her previous roles included Vice President—Finance of Global Operations and of Household Care. Prior to joining P&G, she worked for Deloitte, both in the firm’s national office and with multinational clients. Earlier in her career, she spent two years as a practice fellow at the FASB. Ms. List-Stoll earned a bachelor’s degree in business administration at Northern Michigan University.

All three Trustees will serve a five-year term that begins January 1, 2013.

Mr. Cox, Mr. Dugan, and Ms. List-Stoll replace three Trustees whose terms expire on December 31: Frank H. Brod, corporate vice president, finance and administration, and chief accounting officer, Microsoft Corporation; Edward M. Harrington, retired general manager, San Francisco Public Utilities Commission; and John J. Perrell, retired vice president, global policies, American Express Company.

The Trustees also announced that they have accepted the resignation of Trustee Mary S. Stone, director of the Culverhouse College of Commerce & Business Administration at the University of Alabama, effective today. The Trustees expect to fill Ms. Stone’s position next year.

About the Financial Accounting Foundation

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