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.