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FAF president and CEO resigns

The Financial Accounting Foundations (FAF) president and CEO, Teresa Polley, has announced her resignation after eleven years leading the organisation.

Polley will remain at the organisation until a leadership transition plan has been finalised. The FAF’s board of trustees has appointed vice president and general counsel John Auchincloss as acting president.

Polley joined FAF in 1987 as a technical associate for the Financial Accounting Standards Board and became president of FAF in 2008 and CEO in 2010.

FAF chairman Charles Noski said: “On behalf of the FAF trustees, I want to thank Terri for her more than three decades of hard work and service to the organisation. She has had a long history of staff and leadership roles at both the FASB and the FAF, including more than a decade as FAF’s president and CEO.

“During that time, Terri has led key internal initiatives, including major upgrades to FAF’s technology infrastructure, and has played a vital role in such matters as FAF’s strategic planning efforts (in collaboration with the FASB and the GASB), its appointment of talented leaders to serve as FAF trustees and standard-setting board members, and communications with governmental and other stakeholders. We extend our best wishes to Terri for her next chapter.”

Polley said: “It has been a privilege to work for a mission-driven organisation filled with exceptional people who get to do something extraordinary as their life's work: set accounting standards that help make the capital markets function efficiently and effectively.”

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