NEWS RELEASE 02/12/09

Financial Accounting Foundation Appoints Jeffrey Diermeier, Cynthia Eisenhauer, and Dennis Kass to its Board of Trustees

Norwalk, CT, February 12, 2009—The Financial Accounting Foundation (FAF) today announced that Jeffrey J. Diermeier, Cynthia P. Eisenhauer, and Dennis M. Kass have been appointed to the FAF Board of Trustees. The FAF is the independent, private-sector organization responsible for the oversight of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

The appointments were completed under new nominating and appointment procedures adopted by the FAF Trustees in 2008. The new procedures are designed to ensure greater participation by FAF constituents in the nominating process and greater independence by the FAF in appointing Trustees.

Jeffrey J. Diermeier served as President and Chief Executive Officer of the Chartered Financial Analyst (CFA) Institute until his retirement at the end of 2008. Previously, Mr. Diermeier was Global Chief Investment Officer at UBS Global Asset Management, overseeing the management of more than $400 billion in assets.

Cynthia P. Eisenhauer is a consultant supporting state and local governments in strategic planning and budgeting, as well as an adjunct professor at Iowa State University in its Master of Public Administration Program. Previously, she served as Chief of Staff for Iowa Governor Thomas Vilsack from 2004 to 2007. Ms. Eisenhauer’s appointment to the Board of Trustees fills a seat designated for a Governmental Trustee.

Dennis M. Kass is Chairman and Chief Executive Officer of Jennison Associates, an institutional, mutual fund and variable annuity investment management firm owned by Prudential. Previously, Mr. Kass was Vice Chairman and Chief Fiduciary Officer at JP Morgan Fleming Asset Management, where he was responsible for the oversight of the firm’s fiduciary and client activities.

“The addition of the deep and diverse financial experience brought by Jeffrey, Cynthia, and Dennis reflects the commitment of the Board of Trustees to furthering the important mission of the Foundation and its standard-setting Boards,” said FAF President Teresa S. Polley. “I join the Trustees in welcoming these three experts to the Board as the Foundation continues its critical role in ensuring an independent, open standard-setting process for the FASB and the GASB in a rapidly changing financial reporting environment.”

Each of the appointments is for a five-year term.

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.