It was announced Monday that Dennis H. Chookaszian , the retired chairman and chief executive officer (CEO) of CNA Insurance Companies, has been named to be the chairman of the Financial Accounting Standards Advisory Council (FASAC). Robert J. DeSantis, President and Chief Operating Officer (COO) of the Financial Accounting Foundation (FAF) made the announcement.
Chookaszian, a CPA, retired after 26 years with CNA (NYSE:CNA), where he served in numerous executive capacities. He has also served on many American Institute of Certified Public Accountants (AICPAs) and Financial Accounting Standards Board (FASB) committees and task forces, as well as director for various public corporations, including the Chicago Mercantile Exchange (CME), Insweb and Loews Corporations, LoopNet and other advisory boards and councils.
Robert E. Denham, chairman of the FAF, said of the appointment, "Dennis' background and expertise will make him a superb chairman and resource to the FASB as it carries on its mission to establish and improve accounting and reporting standards that empower and protect investors and support efficient capital markets." He went on to thank Mr. Swift, the out-going chairman, for his service.
Chookaszian received a bachelor's degree in chemical engineering from Northwestern University and is a member of that school's Kellogg School of Business Advisory Board and a Trustee of the university. He has an MBA degree in finance from the University of Chicago and a master's degree in economics from the London School of Economics.
"The FAF conducted a thorough and rigorous search for the new FASAC Chairperson. Mr. Chookaszian met all of our criteria and was selected from a group of highly qualified candidates," said DeSantis.
The FAF is responsible for the administration, oversight and finances of both the FASAB and its state and local government counterparts, the Governmental Accounting Standards Board (GASB), as well as selecting both Boards and their Advisory Councils.
The role of the FASAC is to advise the FASB on technical matters which relate to the Board's agenda, project priorities and other timely and topical issues which involve the FASB. Chookaszian succeeds Richard J. Swift whose term ends at the end of December. The new chairman's four-year term will begin on January 1, 2007.