NORWALK, Conn.--(BUSINESS WIRE)--The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Frederick (Fred) L. Cannon and the reappointment of Christine A. Botosan to the Financial Accounting Standards Board (FASB). Mr. Cannon currently serves as Director of Research and Chief Equity Strategist for Keefe, Bruyette & Woods, Inc., a subsidiary of Stifel Financial (NYSE: SF). His term is effective July 1, 2021 and runs until June 30, 2026. Ms. Botosan was appointed to her first term on July 1, 2016 and will conclude her service on June 30, 2026.
“On behalf of the FAF Board of Trustees, I am pleased that Mr. Cannon will be joining the FASB. He is an accomplished economist with a deep understanding of financial services and has a strong user perspective,” said Kathleen L. Casey, chair of the FAF Board of Trustees. “I also congratulate Ms. Botosan on her reappointment. As an award-winning professor and researcher, Ms. Botosan provides invaluable context to the standard-setting process.”
Mr. Cannon, who will remain in his current role at Keefe, Bruyette & Woods into early 2021, has almost 40 years of experience in diverse roles with a strong focus on research, equity strategy, investor relations, and corporate communications. He began his career with Bank of America Corporation, steadily rising to positions of increased responsibility. In 1998, he joined Golden State Bancorp as Executive Vice President and Director of Investor Relations and Corporate Communications.
He joined Keefe, Bruyette & Woods in 2003 as Vice President, was then promoted to Senior Vice President and Managing Director, and later accepted his current positions. Often quoted in the financial press, Mr. Cannon is also a regular guest on CNBC, Bloomberg Television, as well as other national radio and broadcast television outlets.
Mr. Cannon holds a Master of Science, Agricultural Economics, from Cornell University and is a Chartered Financial Analyst (CFA). Mr. Cannon is currently a member of the CFA Institute and a member of the FASB Transition Resource Group for Credit Losses.
Mr. Cannon will succeed R. Harold “Hal” Schroeder whose second and final term on the FASB ends June 30, 2021.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Financial Accounting Standards Board (FASB)
Established in 1973, the FASB is the independent, private-sector organization, based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.