The Financial Accounting Foundation has announced that Donald M. Young, currently Managing Director of Young & Company, a provider of consulting and research services for technology and private equity clients and former Managing Director with PaineWebber/UBS from 1998 to 2003, was named a member of the Financial Accounting Standards Board (FASB) effective January 1, 2005. Mr. Young will complete the
term of Gary S. Schieneman who has resigned. Mr. Young's term ends on June 30, 2008.
Robert E. Denham, Chairman of the Financial Accounting Foundation, commented, "I am very pleased that the Foundation has recruited Don Young who possesses a reputation for rigorous financial and accounting analysis. His combination of skills and experience offers a valuable user perspective that should prove to be an important asset to the FASB."
Mr. Young's career has been primarily as a technology analyst providing in-depth industry research and long-term investment advice on a broad range of technology companies. He was with Prudential Securities from 1996 to 1998 as Managing Director and was a Senior Vice President at Lehman Brothers Inc. from 1990 to 1996. Previously, he was a Principal with Sanford C. Bernstein & Co., Inc. where he worked from 1985 to 1990.
Mr. Young also worked in the computer industry for Burroughs Corporation (the forerunner to Unisys Corporation) where he held a number of planning, marketing and finance positions.
A 1975 graduate of the University of Michigan, Mr. Young holds an MBA degree from Harvard Business School.
About the Financial Accounting Standards Board and the Financial Accounting Foundation
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors and others rely on credible, transparent and comparable financial information.
The Financial Accounting Foundation is responsible for overseeing, funding and selecting the members of the FASB and the GASB. For more information on the organizations it oversees, visit the Foundation's websites at www.fasb.org and www.gasb.org.