Financial Accounting Foundation Statement on the Appointment of Sagar Teotia as Acting Chief Accountant at the SEC and the Departure of Wesley R. Bricker

Norwalk, CT—May 31, 2019—The Financial Accounting Foundation (FAF), the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), today issued the following statement on the appointment of Sagar Teotia as acting chief accountant of the U.S. Securities and Exchange Commission, and the departure of Wesley R. Bricker.

The statement should be attributed to FAF President and Chief Executive Officer Terri Polley.

"We congratulate Sagar Teotia on his appointment as acting chief accountant at the Securities and Exchange Commission. He brings to this role strong experience, vast knowledge, and a passion for transparency and integrity in financial reporting. We look forward to working with him on issues of importance to investors and capital markets in the United States and abroad."

Ms. Polley added, "We also extend our thanks and best wishes to outgoing Chief Accountant Wes Bricker. He used his role to advocate for excellence and continuous improvement in the areas of accounting and financial reporting. We applaud his strong leadership during his time at the SEC and thank him for his work to make our capital markets more accountable to investors."