On April 24, FASB announced that Robert H. Herz, a senior partner with PricewaterhouseCoopers, has been named chair of the Financial Accounting Standards Board. Herz will succeed outgoing Chair Edmund L. Jenkins, who will retire on June 30 upon completion of his five-year term.
The appointment was announced by Manuel H. Johnson, cochair of Johnson Smick International and chairman of the Financial Accounting Foundation (FAF), which appoints the members of FASB and the Governmental Accounting Standards Board (GASB). Herz's five-year term will commence on July 1.
At the time he accepted the position with FASB, Herz was PricewaterhouseCoopers's North America theater leader of professional, technical, risk, and quality, and a member of the firm's global and U.S. boards. He also served as a parttime member of the International Accounting Standards Board (IASB). Herz is both a CPA and a Chartered Accountant.
"Bob Herz will bring outstanding expertise to the FASB, and we are delighted to announce that he will join the board as its chairman," Johnson said. "Bob is widely recognized in the U.S. and abroad for his strong technical background and grasp of complex accounting and financial reporting issues. His experience will be a tremendous asset to the FASB as standard setting …