Teresa S. Polley to Step Down as President and CEO of Financial Accounting Foundation

NORWALK, Conn.–(BUSINESS WIRE)–Teresa
S. Polley today announced her decision to resign as President and
CEO of the Financial
Accounting Foundation (FAF) after eleven years leading the
organization. She will remain at the organization until the details of a
leadership transition plan are finalized. The FAF Board
of Trustees, in accordance with its existing succession plan, has
named Vice President and General Counsel John
W. Auchincloss as Acting President. He will serve upon the
conclusion of Polley’s tenure as President and CEO, and until a
permanent replacement for Polley is named.

The FAF is the independent, private-sector, not-for-profit organization
based in Norwalk, Connecticut responsible for the oversight,
administration, financing, and appointment of the Financial
Accounting Standards Board (FASB), the Governmental
Accounting Standards Board (GASB), and their advisory councils.

Polley first joined the organization in 1987 as a Technical Associate
for the FASB. She moved over to the FAF as Controller in 1990 and
returned to the FASB as Executive Director of Advisory Groups in 1999.
She was named President of FAF in 2008, and CEO in 2010.

FAF Chairman Charles
H. Noski said: “On behalf of the FAF Trustees, I want to thank Terri
for her more than three decades of hard work and service to the
organization. She has had a long history of staff and leadership roles
at both the FASB and the FAF, including more than a decade as FAF’s
President and CEO. During that time, Terri has led key internal
initiatives, including major upgrades to FAF’s technology
infrastructure, and has played a vital role in such matters as FAF’s
strategic planning efforts (in collaboration with the FASB and the
GASB), its appointment of talented leaders to serve as FAF Trustees and
standard-setting Board members, and communications with governmental and
other stakeholders. We extend our best wishes to Terri for her next
chapter.”

Polley stated: “It has been a privilege to work for a mission-driven
organization filled with exceptional people who get to do something
extraordinary as their life’s work: set accounting standards that help
make the capital markets function efficiently and effectively.”

Polley’s tenure as President and CEO is marked by a number of important
initiatives and improvements to the organization. During her eleven
years in the job, the FAF and its Trustees:

• Enhanced the organization’s presence in Washington, DC to ensure that
  policymakers there stay current on key issues in accounting and
  financial reporting
• Successfully established GASB funding authority to enhance the
  integrity of the standard-setting process
• Implemented a Trustee-led Post-Implementation Review process to ensure
  that new FASB and GASB standards are fulfilling their intended
  purposes for users of financial statements
• Restored the FASB to its present size of seven members, and
• Established a new Private
  Company Council to provide advice and insight about accounting
  standards to the FASB from a private company perspective.

In addition to her leadership of the FAF staff, Polley serves as a
Trustee of St. Francis University (Pennsylvania). She is also a past
Chair of the Greater Norwalk Chamber of Commerce and a past board member
at Malta House in Norwalk.

About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the
independent, private-sector, not-for-profit organization based in
Norwalk, Connecticut responsible for the oversight, administration,
financing, and appointment of the Financial Accounting Standards Board
(FASB) and the Governmental Accounting Standards Board (GASB). The FASB
and GASB establish and improve financial accounting and reporting
standards—known as Generally Accepted Accounting Principles, or GAAP—for
public and private companies, not-for-profit organizations, and state
and local governments in the United States. For more information, visit www.accountingfoundation.org.

Contacts

MEDIA:
Matthew J. Broder
(203) 956-3451
mbroder@f-a-f.org