Nancy K. Kopp — Maryland state treasurer and trustee of the $41.1 billion Maryland State Retirement & Pension System, Baltimore — was named to the board of the Financial Accounting Foundation.
The Norwalk, Conn.-based private-sector organization oversees FASB and GASB.
Effective Jan. 1, she will become one of the 17 trustees of the FAF board, replacing Cynthia P. Eisenhauer, a former Iowa state government aide whose term ends Dec. 31. Ms. Kopp's term will run until the end of 2018.
In addition, the board is searching for replacements for Dennis M. Kass, FAF vice chairman, who is retired chairman and CEO of Jennison Associates LLC, and John J. Brennan, chairman emeritus and senior adviser of Vanguard Group Inc. Both of their five-year terms expire Dec. 31.
The board expects to name replacements by year-end, said Christine L. Klimek, FAF senior manager, media relations, who said the openings won't necessarily be filled by others from the investment management industry. FAF isn't using an executive recruiting firm for its searches, Ms. Klimek added.
Trustees receive a $55,000 annual base retainer plus expenses, Ms. Klimek said.
The Financial Accounting Standards Board and the Governmental Accounting Standards Board set accounting standards, respectively, for the private and public sectors.
