State Board Report

May 2010

NASBA President David A. Costello, CPA, has announced he plans to retire as of January 1, 2012. He told the NASBA Board of Directors at their meeting on April 23 that he actually plans to “re‐fire” rather than “retire.” In addition to serving as resident and CEO of NASBA since 1994, Mr. Costello is also the President and CEO of NASBA’s Center for the Public Trust – which he formulated in 2004 to address the issue of ethics and ethical behavior in business, education, public policy and society. At the time of his retirement, Mr. Costello will be NASBA’s longest serving executive director, having been with the Association for more than 17 years.

Over the years, Mr. Costello has represented the voice of State Boards of Accountancy by addressing legislators, professional groups, academia and the general public on issues such as accounting standards, mobility, peer review reporting, licensure best practices and public protection, all of which have a global impact on the accounting profession. Under his leadership, NASBA relocated its headquarters to Nashville, TN, from New York City, and grew its employee base from 40 employees to over 250 employees.

As a means to effectively transition from Mr. Costello’s leadership, the NASBA Board of Directors approved a formal process utilizing a Selection Advisory Committee (SAC) to determine his successor. The Board of Directors, through its Executive Committee, has appointed the following individuals to serve on the SAC, including representatives from each of the NASBA Regions: John Peace (AR) – Chair, Jimmy Burkes (MS), Charles Clark (ID), Andrew DuBoff (NJ), Ellis Dunkum (VA), Theodore Long (OH), Diane Rubin (CA), Kent Smoll (KS), Laurie Tish (WA), and William Treacy (TX).

At the June 2010 Regional Meetings, the SAC will discuss their formal selection process and obtain feedback from State Board representatives. Following those meetings, a formal candidate search will be launched. The SAC and Executive Committee will recommend Mr. Costello’s successor for approval by the NASBA Board of Directors. The overall time needed for the search and selection process is expected to be 9‐12 months, with the goal of having a replacement identified and on the job in sufficient time for a smooth transition.

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