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.”