NEWS RELEASE 05/14/01

Gary S. Schieneman Named to FASB

Norwalk, CT, May 14, 2001—Gary S. Schieneman, Director, Comparative Global Equity Analysis of Merrill Lynch & Co., has been named to a two-year term as a member of the Financial Accounting Standards Board (FASB), effective July 1. Mr. Schieneman will complete the term of Anthony T. Cope, who resigned from the FASB to join the International Accounting Standards Board. The appointment was made by the Financial Accounting Foundation's Board of Trustees, which oversees the activities of the FASB.

 

In commenting on Mr. Schieneman's appointment, Manuel H. Johnson, Chairman and President of the Financial Accounting Foundation, remarked that "Gary brings a wealth of experience in both accounting and international investment to the FASB. This is a powerful combination and one that will be a great asset to the Board as it faces new challenges addressing convergence in international financial reporting."

 

Since 1995, Mr. Schieneman has been responsible for global accounting, financial reporting and related issues affecting cross-border investments at Merrill Lynch. From 1990 to 1995, he was Vice President, Director of Latin American Research at Smith New Court, where he was the firm's Latin American strategist and was responsible for its Latin American research product. In 1987, Mr. Schieneman joined Prudential-Bache Securities as Vice President, International Equity Research where he was responsible for identifying and researching accounting issues impacting international investment decisions.

 

Mr. Schieneman began his career as an auditor at PricewaterhouseCoopers in New York and, later, spent a year in the firm's Paris office. After eleven years with that firm, he was employed by Mobil Corporation, where he rose to Assistant Controller for Mobil Europe based in London. Following his tenure at Mobil, he joined Arthur Young & Co. in New York as Partner in its International Service Office.

 

Among his other activities, Mr. Schieneman is an Adjunct Professor of Accounting at Columbia University Graduate School of Business Administration and is a member of the American Institute of Certified Public Accountants, the New York Society of Security Analysts and the Association for Investment Management and Research.

 

Mr. Schieneman received a bachelor's degree in accounting from the University of Illinois and earned a masters in business administration from New York University.

 

About the Financial Accounting Standards Board

 

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 heavily on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.