NEWS RELEASE 11/16/10
Teresa S. Polley Named President and Chief Executive Officer of the
Financial Accounting Foundation
Norwalk, CT, November 16,
2010—The Board of Trustees of the Financial Accounting Foundation (FAF)
today approved the election of Teresa S. (Terri) Polley as its President and
Chief Executive Officer (CEO). Ms. Polley is the first person to hold the title
of CEO in the 38-year history of the FAF, which is the independent,
private-sector organization responsible for the oversight, administration, and
finances of the Financial Accounting Standards Board (FASB), the Governmental
Accounting Standards Board (GASB), and their Advisory Councils.
“As
president of the FAF, Terri Polley has demonstrated outstanding leadership of
its mission to ensure the independence and integrity of the standard-setting
process,” stated John J. Brennan, Chairman of the FAF. “Her commitment, success
and expertise in this area are unrivaled, and her appointment as CEO is very
appropriate recognition of the positive impact she has had on our
organization.”
Since being appointed president of the FAF in 2008, Ms.
Polley has played a key role in positioning the Foundation and its
standard-setting Boards to successfully meet the challenges of rapidly-changing
economic and regulatory environments. This includes implementing initiatives to
enhance the Foundation’s outreach to investors and other key constituents,
establishing partnerships with professional accounting organizations to address
issues in private-company financial reporting, and working to achieve permanent
funding for the GASB critical to its continued independence. Recently,
Accounting Today named her as one of its “10 Worth Watching,” a
designation honoring women in leadership roles in the accounting
industry.
Ms. Polley brings more than 20 years of experience with FAF and
FASB to her current role. Prior to being appointed president, she served as
Executive Director of Advisory Groups for the FASB, acting as the primary
liaison between the Board and its constituent organizations that provide input
into its decision-making processes. From 1990 to 1999, Ms. Polley served as
Controller of the FAF. She joined the FASB in 1987 as a Technical Associate from
Arthur Andersen and Company in its Stamford, Connecticut office, where she was a
Senior Accountant.
A resident of Norwalk, Connecticut, Ms. Polley earned
a B.A. degree, summa cum laude, in accounting and French from St. Francis
College in Loretto, Pennsylvania. She is a certified public accountant in the
state of Pennsylvania and a member of the American Institute of Certified Public
Accountants (AICPA) and the Connecticut Society of Certified Public Accountants.
She is also active in her local community, serving on the Boards of Directors of
the Greater Norwalk Chamber of Commerce and Malta House in Norwalk, as well as
co-chairing the annual SpinOdyssey fundraiser for breast cancer research.
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.