The Board of Directors of the Financial Accounting Foundation (FAF) on Tuesday announced the reappointment of Marsha L. Hunt to the Financial Accounting Standards Board (FASB) as well as the appointment of the CFO of a family business for a three-year term. to the Private Company Council.
CFO Paul Hensley is a CPA and senior vice president and chief financial officer of Holt Texas, a privately held company which is the authorized Caterpillar dealer for North, Central and South Texas.
Hensley is a Fellow of the San Antonio Chapter of the Texas Society of CPAs and also a 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 experience “spans a wide range of industries including distribution, manufacturing, restaurants, pharmaceuticals and management services. garbage”.
The Private Company Council (PCC) is the FASB’s primary advisory body on matters relating to accounting standards for private companies. Hensley will be the 12th member of the current CPC and the second CFO. (Robert Messer, chief financial officer of the American National Bank of Texas, is the other.)
At FASB, Hunt was reappointed for a second five-year term, ending July 2027. She was previously a corporate controller for engine and equipment maker Cummins. She has also served as administrator of the Cummins UK pension plans and a member of the board of directors of the largest US-based joint venture.
“Marsha Hunt brings to the board in-depth knowledge, the ability to look at issues from different angles and a strong commitment to developing standards that provide investors and other users of financial statements with better information,” said the FASB President Richard R. Jones.
The Financial Accounting Foundation (FAF) is an independent, non-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 January 1, 2022.
FASAC advises the FASB on strategic and technical matters, 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 global Fortune 100 chemicals company. A CPA, he worked for PwC for almost 40 years.
FASAC has more than 30 members. Three of them are CFOs: Gordon T. Edwards of the Marshfield Clinic Health System; John W. Pietrowicz of the CME Group; and Brian Regan of Spectrum Equity.
FASAC also has six accounting directors.