NEWS RELEASE 10/25/01

FASB Chairman Edmund L. Jenkins Elects To Retire Upon Completion Of His Five-Year Term

Norwalk, CT, October 25, 2001—Edmund L. Jenkins, Chairman of the Financial Accounting Standards Board (FASB), has informed the Financial Accounting Foundation’s (FAF) Board of Trustees of his intention to retire upon completion of his five-year term on June 30, 2002.

In praising Mr. Jenkins for his substantial contributions to the FASB, FAF Chairman Manuel H. Johnson noted that a search for his replacement would commence shortly.

In reflecting on Mr. Jenkins’ career with the FASB, Mr. Johnson stated, "Since assuming the position of Chairman in July 1997, Ed has worked tirelessly to serve the investing public through the development of high-quality financial reporting standards. In addition, Ed has provided outstanding leadership in many areas, including the FASB’s technical agenda, constituent relations, liaison with the legislative and regulatory communities, international activities, and maintaining the FASB’s independence. While we will greatly miss his outstanding service, we look forward to working with Ed during the remainder of his term, which should facilitate a smooth transition for his successor," said Mr. Johnson.

Prior to joining the FASB, Mr. Jenkins, 66, was employed by Arthur Andersen LLP for 38 years, most recently as Managing Partner of the Professional Standards Group of its worldwide practice. In addition, from 1991 to 1994, he served as Chairman of the Special Committee on Financial Reporting (constituted by the American Institute of Certified Public Accountants) that became known as the "Jenkins Committee." He also was a charter member of the FASB’s Emerging Issues Task Force from 1984 to 1991 and served as a member of the Financial Accounting Standards Board’s Advisory Council from 1991 to 1995.

A native of Michigan, Mr. Jenkins earned a B.A. degree from Albion College and an M.B.A. degree from the University of Michigan. He is a member of numerous professional organizations, including the American Institute of Certified Public Accountants and Financial Executives International.


About the Financial Accounting Standards Board and
the Financial Accounting Foundation

 

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.

The Financial Accounting Foundation is responsible for funding, overseeing and selecting the members of the FASB and the Governmental Accounting Standards Board (GASB). For more information on the organizations it oversees, visit its Web sites at www.fasb.org and www.gasb.org.