The Financial Accounting Foundation’s board of trustees has tapped Michael Morrow, a director at the chemical company Cabot Corp., as the new chair of the Financial Accounting Standards Advisory Council, effective Jan. 1, 2020, and named some new members of the Private Company Council.
FASAC advises the Financial Accounting Standards Board, which the Financial Accounting Foundation oversees, on strategic and technical issues, project priorities and other matters that affect standard setting. FASAC provides FASB with different perspectives from people with various business and professional backgrounds.
Morrow joined FASAC in January of this year. His initial two-year term as FASAC chair starts at the beginning of next year, when he will succeed Andrew McMaster Jr., who has chaired FASAC since 2016 and is stepping down at the end of the year.
Morrow chairs the audit committee at Cabot, a Fortune 1000 global chemical company. He’s also a CPA who worked for PricewaterhouseCoopers for nearly 40 years and held a number of leadership positions at the firm.
“We are pleased that Michael Morrow will bring such broad accounting and financial reporting experience to his role as FASAC chair,” said FAF Chairman Charles Noski in a statement. “He is a proven leader and will be an effective advisor as the FASAC fulfills its mission to bring diverse perspectives and insights to the standard-setting process.”
“The opportunity to lead the FASAC is a true honor,” Morrow stated. “Throughout my career I have recognized the importance of high-quality accounting standards to all stakeholders as well as to our financial markets. I am very pleased to have the chance to continue to contribute to this important work through the FASAC.”
Separately, the FAF trustees appointed Holly Nelson and Zubin Avari to the Private Company Council, each for a three-year term, and re-appointed current PCC members Yan Zhang and Richard Reisig to three-year terms. All four appointments take effect Jan. 1, 2020. The PCC advises FASB on how new accounting standards affect privately held companies.
Avari is a managing partner at Charter Oak Equity LP in Westport, Connecticut. His first term on the PCC will end Dec. 31, 2022.
Nelson is a director on the board of Silver Star Brands, a company in Oshkosh, Wisconsin that sells cards, gifts, food and household items through catalogs, such as Easy Comfort and Walter Drake, and online. She retired as CFO at Silver Star in April. Her first term on the PCC ends on Dec. 31, 2022.
Reisig is a shareholder and director, attest services, at Anderson ZurMuehlen & Company, P.C., in Great Falls, Montana. He started his first term on the PCC on Jan. 1, 2017. His second and final term will end on Dec. 31, 2022.
Zhang is a partner at EisnerAmper LLP in New York. She joined the PCC on Jan. 1, 2017, and her second and final term will end Dec. 31, 2022.
