The Financial Accounting Foundation (FAF) has named Hillary H. Salo as the incoming chair of the Financial Accounting Standards Board (FASB).
Her tenure as chair will run from 1 July 2027 to 30 June 2034.
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Salo currently holds the position of vice-chair at the FASB and also chairs the Emerging Issues Task Force.
She will take over from current FASB chair Richard R. Jones, whose term ends on 30 June 2027.
FAF chair Dalia Blass said: “Hillary has consistently demonstrated exceptional leadership, technical expertise and a deep commitment to the FASB’s mission.
“Her appointment as chair reflects the Trustees’ confidence in her judgment, vision, ability to guide the FASB’s work, and advance high-quality financial reporting in a changing environment.
“We are pleased to recognise Hillary’s many contributions and look forward to her continued leadership in this important role.”
Over the course of her career, Salo has contributed to the development of financial reporting standards in various capacities, including as a standard setter, audit partner, regulator and advisor.
She rejoined the FASB in 2020 as technical director, a role in which she has been instrumental in setting the board’s agenda and strengthening ties with stakeholders.
Before returning to the FASB, Salo worked as an audit partner at KPMG LLP, where she held positions within the company’s audit quality and professional practice division, as well as its accounting advisory services group.
Following Salo’s move into the chair position, a vacancy will open up on the FASB board, and the board of trustees has now issued a call for nominations to fill this seat.
The individual selected for this role will become part of a seven-member, full-time board based in Norwalk, Connecticut, US.
The position carries a five-year term starting on 1 July 2027, with the possibility of renewal for an additional five-year term.
Separately, the board of trustees is also in the process of searching for a replacement for FASB member Marsha Hunt, whose position will become vacant on 1 July 2027.
