Director
LPL Financial Holdings, Inc.
Edward C. Bernard was appointed chair of the Financial Accounting Foundation (FAF) Board of Trustees, for a three-year term effective January 1, 2023.
Mr. Bernard is a director at LPL Financial Holdings, Inc. (NASDAQ: LPLA), where he is a member of the Audit and Compensation committees.
Mr. Bernard spent most of his career at T. Rowe Price Group, Inc. (NASDAQ: TROW), which he joined in 1988 as the head of marketing for the firm’s retail business. He was elected to the firm’s board of directors in 1999, beginning a two-decade senior executive role during a period when the firm’s assets under management grew from $269 billion to approximately $1 trillion. He served as vice chair of the T. Rowe Price corporate board (2007-19), chair of T. Rowe Price Mutual Funds (2006-18), chair & CEO of TRP International, Ltd. (2009-18) and a member of the firm’s Management committee. In these roles, he led major elements of the firm’s strategy and operations and was involved, among other duties, with global distribution, operations, client services, technology, and legal and compliance matters.
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Joan E. Horngren Professor of Accounting
Emerita at Stanford University’s Graduate School of Business
Mary E. Barth joined the Financial Accounting Foundation (FAF) Board of Trustees in April 2019 and was appointed vice chair effective January 1, 2021. Her term concludes on December 31, 2023.
Prof. Barth has served as the Joan E. Horngren Professor of Accounting, Emerita at Stanford University’s Graduate School of Business since 1995. Prof. 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.
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Treasurer
State of Tennessee
David H. Lillard, Jr. joined the Financial Accounting Foundation (FAF) Board of Trustees in April 2019. His term concludes on December 31, 2023.
Mr. Lillard 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). 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.
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John W. Auchincloss was appointed Executive Director of the Financial Accounting Foundation (FAF) in February 2020. Before he was named acting president in May 2019, Mr. Auchincloss served three years as FAF vice president, general counsel, and assistant secretary. In that role, he was responsible for the FAF’s legal and compliance functions and provided strategic legal advice and guidance to the FAF, the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB).
Mr. Auchincloss has deep experience with nonprofit governance, tax, and regulatory issues. Prior to joining the FAF, he served as general counsel and secretary for Commonfund, a private, nonprofit asset management firm.
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Mary P. Crotty was appointed Chief Operating Officer of the Financial Accounting Foundation in November 2014. In this role, Ms. Crotty manages the Foundation’s business operations, including technology, finance, publications, and other key business activities. She brings to her role an extensive background in corporate operations and governance.
Ms. Crotty joined the FAF team from Bank of America, where she was a managing director and, for four years, leader of the Corporate Compliance and Regulatory Relations groups. Prior to that, she held a variety of roles, including global compliance risk chief operating officer and business support executive in Global Markets and Global Research.
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Steven Hobbs was named vice president and general counsel by the Financial Accounting Foundation (FAF) in April 2020 and appointed assistant secretary in January 2021. He previously served as outside counsel since 2019, and succeeds John W. Auchincloss, who was appointed FAF executive director. In his role, Mr. Hobbs will conduct and oversee the primary legal duties of the general counsel’s office, including handling contracts, governance matters, managing outside counsel, and providing counsel on general legal issues facing the organization.
Mr. Hobbs brings to this work extensive experience in corporate law both as in-house counsel and at a large law firm, in addition to experience as a senior business executive. In 2004, Mr. Hobbs, joined Hearst Corporation where he held several executive roles of increasing responsibility, including chief legal and development officer of Hearst-Argyle Television, Inc., a NYSE-listed company. His responsibilities at Hearst culminated with his service as executive vice president, deputy group head and chief development officer of the Hearst Business Media division.
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