John Wulff's Resignation

John Wulff, FASB Board member, has recently decided to return to private industry after June 30, 2003.

Prior to joining the Board in 2001, John served as a Chief Financial Officer of Union Carbide Corporation. He also served as the Controller of that company and spent ten years as an audit partner at KPMG and predecessor CPA firms. John has been an active participant on the Board's projects relating to simplification, codification, and principles-based standards and has worked with the FASB staff on internal process improvement activities.

Commenting on John's decision, FASB Chairman Robert Herz stated, "Given his unwavering support for private sector standard setting and for the FASB, I know that this has been a very tough decision for John - one that he has been considering over the past year. I want to thank John for his contributions to the FASB and wish him the very best in his future endeavors."

The Trustees of the FAF have commenced a search for his replacement and expect to announce his successor well before his departure on June 30.

January 2003