NEWS RELEASE 12/05/11
Financial Accounting Foundation Names Bank of America's Charles H. Noski as
Chairman of the Financial Accounting Standards Advisory
CouncilNorwalk, CT, December 5, 2011—Charles H. Noski,
vice chairman of Bank of America Corporation, today was appointed chairman of
the Financial Accounting Standards Advisory Council (FASAC) for a one-year term
beginning January 1, 2012.
The Council advises the Financial Accounting
Standards Board (FASB), the private-sector organization responsible for setting
accounting standards for U.S. companies, on technical issues related to the
Board's agenda, project priorities, and other issues.
Mr. Noski will
succeed Dennis H. Chookaszian, former chairman and chief executive officer of
CNA Insurance companies, whose term as FASAC chairman concludes on December
Mr. Noski's appointment was announced by John J. Brennan, chairman of
the Board of Trustees of the Financial Accounting Foundation (FAF). The FAF is
responsible for the oversight, administration, and financing of the FASB and its
counterpart for state and local governments, the Governmental Accounting
Standards Board (GASB).
"With his breadth of experience in corporate
finance across a range of industries, Chuck Noski will bring to the FASAC a deep
understanding of the complex issues facing the FASB as it seeks to serve the
best interests of all those who use, prepare, and audit financial statements,"
Mr. Brennan said. "We are very pleased to welcome him as the new FASAC
Mr. Brennan thanked Mr. Chookaszian for his service to the
FASAC during the past five years. "We offer our heartfelt thanks to Dennis for
his five years of hard work and dedication to the cause of financial
transparency and integrity. The FASB and the FASAC both are better organizations
because of Dennis' work," Mr. Brennan said.
Leslie F. Seidman, chairman
of the FASB, said: "On behalf of the Board members and staff of the FASB, we
thank Dennis for the enthusiasm and dedication he brought to chairing FASAC over
the past five years. Dennis encouraged FASAC, through effective meetings and
other communications, to provide the Board with timely insights, advice, and
support, and we are very grateful. We look forward to working with Chuck in this
important advisory role."
Prior to his appointment as vice chairman, Mr.
Noski was executive vice president and chief financial officer of Bank of
America Corporation. Previously, he served as chief financial officer of
Northrop Grumman Corporation and as a senior advisor to The Blackstone Group,
one of the world's leading private equity firms. Earlier in his career, Mr.
Noski was chief financial officer and, later, vice chairman of the board of
directors of AT&T Corporation; and chief financial officer and, later,
president and chief operating officer of Hughes Electronics Corporation.
Prior to joining Hughes, he was an audit partner with Deloitte &
Touche. Mr. Noski has also served as a director of Air Products & Chemicals,
Inc., Automatic Data Processing, Inc., Morgan Stanley, and Northrop Grumman
Corporation, and is currently a director of Avery Dennison Corporation and
About the Financial Accounting
Since 1973, the Financial Accounting Standards
Board has been the designated organization in the private sector for
establishing standards of financial accounting and reporting. Those standards
govern the preparation of financial reports and are officially recognized as
authoritative by the Securities and Exchange Commission and the American
Institute of Certified Public Accountants. Such standards are essential to the
efficient functioning of the economy because investors, creditors, auditors, and
others rely on credible, transparent, and comparable financial information. For
more information about the FASB, visit our website at www.fasb.org.
the Financial Accounting Foundation
The FAF is responsible for
the oversight, administration, and finances of both the Governmental Accounting
Standards Board and its counterpart for the private sector, the Financial
Accounting Standards Board. The FAF also is responsible for selecting the
members of both Boards and their respective Advisory Councils.