The Board of Trustees of the Financial Accounting Foundation (FAF) appointed Michael M. Morrow the new chair of the Financial Accounting Standards Advisory Council (FASAC), effective January 1, 2020.
The FASAC advises the Financial Accounting Standards Board (FASB) on strategic and technical issues, project priorities, and other matters that affect standard setting. The FASAC provides the FASB with diverse perspectives from individuals with varied business and professional backgrounds.
Morrow joined the FASAC in January 2019. His initial two-year term as chair begins January 1, 2020, when he will succeed Andrew G. McMaster Jr., who has served as FASAC chair since 2016 and is stepping down at the end of the year.
Morrow currently serves as a director of Cabot, a Fortune 1000 global chemical company, where he also chairs the Audit Committee. A certified public accountant, he worked for PricewaterhouseCoopers for nearly 40 years and held numerous leadership positions within the firm. He advised a wide range of clients, including many Fortune 100 companies across several sectors, as well as private companies and nonprofit organizations.
“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 H. Noski. “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 said. “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.”
Noski also praised McMaster’s service to the FASAC, stating that McMaster “has been a very thoughtful and effective leader of the FASAC for more than three years. He has shared generously of his deep expertise built up over a long career and has also done a great job of soliciting and incorporating the diverse views of others on the FASAC.”
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