According to Accounting Today, the Financial Accounting Foundation (FAF) has appointed Hillary Salo to be the next chair of the Financial Accounting Standards Board (FASB), taking over from the current chair, Richard Jones, when Jones's term ends next year.

Salo, who currently serves as FASB vice chair and chair of the Emerging Issues Task Force, will begin her term July 1, 2027. Her term will run through June 30, 2034.

Salo has held several roles across accounting standard setting, auditing, and regulation. She rejoined FASB as technical director in 2020 and previously worked as an audit partner at KPMG, where she held positions in audit quality, professional practice, and accounting advisory services. She also served as a professional accounting fellow in the Securities and Exchange Commission’s Office of the Chief Accountant.

“Hillary has consistently demonstrated exceptional leadership, technical expertise, and a deep commitment to the FASB’s mission,” FAF chair Dalia Blass said. “Her appointment as chair reflects the Trustees’ confidence in her judgment, vision, ability to guide the FASB’s work, and advance high-quality financial reporting in a changing environment.”

Jones also praised the appointment, citing Salo’s experience, relationships with stakeholders, and ability to move forward on complex priority issues in standard-setting.

The FAF Board of Trustees is currently calling for nominations for the FASB position, which will become vacant when Salo takes on the role of chair. The five-year term will start on July 1, 2027, with the new member joining FASB's seven-member board.

The FAF is still carrying out its search for a new board member to replace Marsha Hunt, whose term also ends next year, and nominations for the vacant posts are required by Sept. 1.