NEWS RELEASE 09/26/08
Financial Accounting Foundation Appoints Marc A. Siegel to the Financial Accounting Standards Board
Norwalk, CT, September 26, 2008—Robert Denham, chairman of the Financial Accounting Foundation (FAF), today announced that the FAF Board of Trustees has appointed Marc A. Siegel to the Financial Accounting Standards Board (FASB). Prior to his appointment, Mr. Siegel led the Accounting Research and Analysis team at the RiskMetrics Group in Rockville, Maryland.
Mr. Siegel is a recognized expert in forensic accounting, who brings to his new role 17 years of experience in diverse and global industries that include technology, media, telecommunications, healthcare, retail, and insurance.
"We are delighted to appoint Marc to the FASB," said Denham. "He has significant experience uncovering flawed accounting practices and is driven by an unyielding dedication to transparency for investors. His investor perspective, along with his auditing, research, and international expertise, will aid in the fulfillment of our mission as well as our many investor-focused goals."
Mr. Siegel succeeds George J. Batavick, former comptroller of Texaco, Inc., whose term ended June 30, 2008, but was briefly extended to enable the FAF to conclude its candidate search for the Board seat.
Robert Herz, chairman of the Financial Accounting Standards Board, said, "Marc's outstanding track record in the field of forensic accounting and his extensive work with investors will enable him to strongly complement the deep and diverse expertise of our Board. Additionally, Marc has planned and performed numerous worldwide audit engagements for clients, which will bring valuable international experience to our ongoing efforts with the International Accounting Standards Board (IASB)."
Mr. Siegel was appointed to the FASB Investor Technical Advisory Committee (ITAC) in January 2007 and is a frequent guest on CNBC and other financial TV programs, often speaking on various accounting issues in the news. He graduated Magna Cum Laude from the Wharton School of Business with a B.S. in economics in 1991. His term becomes effective on October 20, 2008, and extends until June 30, 2013.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation also is responsible for selecting the members of both Boards and their respective Advisory Councils.
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 on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.