CFO appointed to FASB Private Company Council

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The board of directors of the Financial Accounting Foundation (FAF) announced on Tuesday the reappointment of Marsha L. Hunt to the Financial Accounting Standards Board (FASB) as well as the appointment of the chief financial officer of a family business for a three-year term. . to the Council of Private Enterprises.

Chief Financial Officer Paul Hensley is CPA and Senior Vice President and Chief Financial Officer of Holt Texas, a private company that is the authorized Caterpillar dealer for North, Central and South Texas.

Hensley is a member of the San Antonio chapter of the Texas Society of CPAs and also past president of the San Antonio chapter of Financial Executives International (FEI).

Kathleen L. Casey, chair of the FAF board of directors, said Hensley’s background “spans a wide range of industries, including distribution, manufacturing, restaurants, pharmaceuticals and patient processing services. waste”.

The Private Company Council (PCC) is the FASB’s primary advisory body on private company accounting standards issues. Hensley will be the current PCC’s 12th member and second chief financial officer. (Robert Messer, chief financial officer of the American National Bank of Texas, is the other.)

At the FASB, Hunt was reappointed for a second five-year term, ending in July 2027. She was previously corporate controller for engine and equipment maker Cummins. She was also a trustee of the Cummins UK pension schemes and a board member of the company’s largest US-based joint venture.

“Marsha Hunt brings to the board sharp insights, the ability to see issues from multiple angles, and a strong commitment to developing standards that provide investors and other users of financial statements with better information,” said the chairman. of the FASB, Richard R. Jones.

The Financial Accounting Foundation (FAF) is an independent, not-for-profit private sector organization responsible for the oversight, administration and funding of the FASB.

In a third, separate announcement on Tuesday, FAF trustees reappointed Michael M. Morrow for a second two-year term as chair of the Financial Accounting Standards Council, effective Jan. 1, 2022.

FASAC advises the FASB on strategic and technical issues, project priorities, and other matters that affect standard setting.

Morrow joined FASAC in January 2019 and received his initial appointment as president in 2020. He will be eligible for an additional term in 2024.

Morrow is the chairman of the audit committee of Cabot, a Fortune 100 global chemical company. A CPA, he worked for PwC for nearly 40 years.

FASAC has more than 30 members. Three of them are chief financial officers – Gordon T. Edwards of Marshfield Clinic Health System; John W. Pietrowicz of CME Group; and Brian Regan of Spectrum Equity.

FASAC also includes six accounting directors.


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