Early in FASB history, the position of vice chairman was created but later retired. Recently, the FAF Trustees decided to reinstate the position of vice chairman due to the increasing time demands on the FASB chairman. The vice chairman’s role is to assist in representing the FASB with external stakeholder and to stand in for current chairman as needed in guiding FASB’s internal operations.

Mr Kroeker formally worked as the US Securities and Exchange Commission’s (SEC) Chief Accountant from 2009 to 2012. During his tenure as SEC Chief Accountant, he expressed his support for convergence and emphasised the need for the Boards to have adequate time to develop fully converged standards.

Prior to his term with the SEC, he was a partner at Deloitte & Touche, LLP, serving in its National Office Accounting Services Group and he was previously a practice fellow at the FASB from 1999 to 2001.

Mr Kroeker’s term will last five years ending on 30 June 2018, at which time he’ll be eligible for re-appointment for an additional five years.

A press release of the announcement is available on the FAF website.