Hillary Salo will succeed Richard Jones as chair of the Financial Accounting Standards Board next year.
The announcement was made Tuesday by the Financial Accounting Foundation, the parent organization of the FASB and the Governmental Accounting Standards Board.
Salo, who currently serves as vice chair of the FASB and chair of the Emerging Issues Task Force, will take over as FASB chair on July 1, 2027. Her term ends on June 30, 2034.
Jones, a former EY partner, has been FASB chair since July 2020. His term concludes on June 30, 2027.
“I couldn’t be happier for the financial reporting community and Hillary on her appointment. Hillary is a highly respected leader whose experience, credibility, and sound judgment have earned the confidence of the financial reporting community,” Jones said in a statement. “Her strong stakeholder relationships and proven ability to guide complex standard-setting priorities forward will serve the FASB and its stakeholders exceptionally well as she assumes the role of chair next year.”
Prior to joining the board as vice chair, Salo spent four years on the FASB staff as technical director and chair of the EITF, a panel that assists the FASB in improving financial reporting through the identification, discussion, and resolution of financial accounting issues within the framework of the Accounting Standards Codification.
As technical director, she was responsible for leading the board’s standard-setting activities and staff, guiding its agenda reprioritization, and driving progress on stakeholder priorities, according to her bio.
Salo joined the FASB in 2020 from the New York City office of KPMG, where she was a partner in the Big Four firm’s audit practice and engagement partner for a large global financial services organization. She began her KPMG career in the Chicago office in the accounting advisory services group before joining the audit quality and professional practice group in the New York City office.
She also served as a professional accounting fellow in the Office of the Chief Accountant at the Securities and Exchange Commission in Washington, D.C. Salo began her career as a FASB postgraduate technical assistant in 2003 after graduating with an undergraduate degree in business administration and a master’s degree in accountancy from the University of North Carolina at Chapel Hill. She is a CPA in New York, Illinois, and North Carolina.
“Hillary has consistently demonstrated exceptional leadership, technical expertise, and a deep commitment to the FASB’s mission,” FAF Chair Dalia Blass said in a statement. “Her appointment as chair reflects the Trustees’ confidence in her judgment, vision, ability to guide the FASB’s work, and advance high-quality financial reporting in a changing environment. We are pleased to recognize Hillary’s many contributions and look forward to her continued leadership in this important role.”
Four new trustees join FAF board
Also on Tuesday, the FAF announced the appointment of new trustees Christopher Hatto, Kevin McBride, David Miller, and Robert “Kinney” Poynter. Their terms begin on Jan. 1, 2027, and conclude on Dec. 31, 2031.
The new trustees will succeed current trustees Diane Nordin, Manju Ganeriwala, Edward “Ted” Goldthorpe, and W. Bryan Lewis, whose terms end on Dec. 31, 2026.
“We are delighted to welcome Christopher, Kevin, David, and Kinney to the FAF Board of Trustees,” Blass said on Tuesday. “Each brings significant leadership experience and extensive knowledge of financial and capital markets. Their perspectives will be invaluable as the Trustees continue to oversee and support the independent standard-setting missions of the FASB and the GASB.”
Call for nominees for open FASB board position
The FAF board also issued a call for nominations to fill the FASB member position that will be vacant due to Salo’s appointment. The new FASB member will join a board of seven full-time members based in Norwalk, CT, with a five-year term beginning July 1, 2027. That person could be eligible for a second five-year term.
FAF trustees say they are looking for candidates with a high degree of technical accounting experience along with an understanding of global financial reporting. Interested candidates should also possess a varied background at the senior level of the financial reporting profession, with substantive experience over the course of their career as a senior partner with a global or national accounting firm. They should have a strong understanding of current technical accounting and financial reporting issues; a CPA certification will be viewed as a strong asset.
In addition, the FAF board is continuing its search for a FASB member to fill the vacancy that will be created by Marsha Hunt on July 1, 2027. For that open board position, the trustees are seeking candidates who will bring significant senior-level experience in the financial reporting profession, including experience as a preparer of financial statements for a public or private company, a strong technical understanding of accounting and financial reporting, and the ability to engage with senior-level professionals and influence at the board level. Candidates with a global perspective, demonstrated thought leadership, public speaking experience, involvement in professional associations, a CPA credential, or experience or interest in standard setting are especially encouraged. The FAF said it actively seeks nominees who will contribute diverse personal and professional backgrounds and perspectives to the FASB.
Those interested in either nominating themselves or others for consideration can apply by emailing a resume and/or CV to a confidential email address at Spencer Stuart, FASB@spencerstuart.com, by Sept. 1, 2026.
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