NEWS RELEASE 01/24/01

Katherine Schipper Named to FASB

Norwalk, CT, January 24, 2001—Katherine Schipper, the L. Palmer Fox Professor of Business Administration at Duke University's Fuqua School of Business, has been named to a five-year term as a member of the Financial Accounting Standards Board (FASB), effective September 1. Dr. Schipper will succeed outgoing FASB member Gerhard G. Mueller, a former professor at the University of Washington. The appointment was made by the Financial Accounting Foundation's Board of Trustees, which oversees the activities of the FASB.

Dr. Schipper's appointment was announced by Manuel H. Johnson, Chairman and President of the Financial Accounting Foundation. In commenting on her selection, Mr. Johnson stated that "Katherine is widely recognized in academic circles for her contributions to the field of accounting, and her expertise in financial reporting and accounting research will be of great benefit to the FASB. The trustees are very pleased that she has agreed to accept this appointment."

Prior to joining the faculty of Duke University's Fuqua School of Business, Dr. Schipper had previously been on the faculty of the University of Chicago and, prior to that, Carnegie-Mellon University's Graduate School of Industrial Administration. Among her other activities, Dr. Schipper is a past President of the American Accounting Association and from 1997 to 1998 was its Distinguished International Visiting Lecturer. She was a member of the FASB's Financial Accounting Standards Advisory Council from 1996 to 1999.

Dr. Schipper holds a B.A. degree from the University of Dayton and M.B.A., M.A. and Ph.D. degrees from the University of Chicago.


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.