October 17, 2012 / 9:03 PM / 7 years ago

U.S. accounting boards' parent names new chairman

(Reuters) - The Financial Accounting Foundation, which oversees organizations that set accounting standards for U.S. companies and municipal governments, has elected former Swiss bank UBS AG UBSN.VX, official Jeffrey Diermeier as chairman of its trustees board.

Diermeier, former president of the CFA Institute, replaces John Brennan, who had been chairman since 2009, the FAF said in a statement on Wednesday.

Ann Marie Petach, chief financial officer of money manager BlackRock Inc (BLK.N), was appointed to fill a vacancy on the trustees board left by the 2011 resignation of Douglas Donahue.

Based in Norwalk, Connecticut, the FAF is the parent organization of the Financial Accounting Standards Board, which sets corporate accounting standards, and the Governmental Accounting Standards Board.

Diermeier will serve a three-year term as chairman. Before heading the CFA Institute, he was global chief investment officer at UBS Global Asset Management.

Petach was treasurer at U.S. automaker Ford Motor Co (F.N) before joining BlackRock in 2007.

Brennan, former chairman and chief executive of fund manager Vanguard Group, will continue to serve on the FAF board until his five-year term expires in December 2013, the FAF said.

Reporting by Dena Aubin; Editing by Kevin Drawbaugh

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