FASB Chairman Ed Jenkins to Retire in June

Edmund L. Jenkins, Chairman of the Financial Accounting Standards Board (FASB), has announced his intention to reetire at the end of his term on June 20, 2002.

Mr. Jenkins has been a tireless advocate for the profession through several positions, culminating in 1997 with his election to his current post as Chairman of the FASB. His 38 year career at Arthur Andersen was highlighted in 1991-1994 when he served as Chairman of the AICPA's Special Committee on Financial Reporting that became known as the "Jenkins Committee."

Mr. Jenkins also was a charter member of the FASB’s Emerging Issues Task Force from 1984 to 1991 and served as a member of the Financial Accounting Standards Board’s Advisory Council from 1991 to 1995.

"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. In addition, Ed has provided outstanding leadership in many areas, including the FASB’s technical agenda, constituent relations, liaison with the legislative and regulatory communities, international activities, and maintaining the FASB’s independence. While we will greatly miss his outstanding service, we look forward to working with Ed during the remainder of his term, which should facilitate a smooth transition for his successor," said Financial Accounting Foundation Chairman Manuel Johnson.

A search for Mr. Jenkins' replacement will begin soon.

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