FASB Chairman to Step Down

Edmund Jenkins leaving in June after five-year hitch at financial standards board.

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Edmund L. Jenkins, chairman of the Financial Accounting Standards Board, said he will retire when he completes his five-year term on June 30, 2002. “Since assuming the position of Chairman in July 1997, Ed has worked tirelessly to serve the investing public through the development of high-quality financial reporting standards,” said Financial Accounting Foundation chairman Manuel Johnson, in a prepared statement. “In addition, Ed has provided outstanding leadership in many areas, including FASB’s technical agenda, constituent relations, liaison with the legislative and regulatory communities, international activities, and maintaining FASB’s independence.”

Prior to joining FASB, Jenkins spent 38 years with Arthur Andersen L.L.P, most recently as managing partner of the professional standards group in the accountancy’s worldwide practice. In addition, from 1991 to 1994 he served as chairman of the Special Committee on Financial Reporting (constituted by the American Institute of Certified Public Accountants). That panel became known as the “Jenkins Committee.” He also was a charter member of the FASB’s Emerging Issues Task Force from 1984 to 1991 and served as a member of FASB’s Advisory Council from 1991 to 1995.

Jenkins earned a B.A. degree from Albion College and an M.B.A. degree from the University of Michigan.

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