The Financial Accounting Foundation has elected John Brennan as the new chairman and a member of its board of trustees. The FAF is the independent, private-sector organization responsible for the oversight of the Financial Accounting Standards Board and the Governmental Accounting Standards Board.

Brennan succeeds outgoing FAF Chairman, Robert Denham, a senior partner at the law firm of Munger, Tolles & Olson LLP, who has served as chairman since 2004 and as a member of the FAF Board of Trustees since 2003.

Brennan is the first to serve as FAF chairman under the revised governance structure approved by the board of trustees in 2008. The chairman’s role has been expanded to reflect the additional responsibilities resulting from the increasing strategic needs of the organization. The chairman will focus primarily on strategic initiatives, provide vision and leadership to the board of trustees in achieving the FAF’s enhanced oversight activities, consult regularly with FASB and GASB Chairs, and work closely with the FAF president.

Brennan currently serves as Chairman of Vanguard Group, and each of the Vanguard mutual funds, a position he has held since 1998. Previously, he served as Vanguard’s chief executive officer from 1996 until August, 2008.

In addition, he served as an FAF Trustee from 1998 to 2003. Among other investment industry activities, Brennan was Chairman of the Investment Company Institute, a trade organization representing mutual fund companies, and is a governor of the Financial Industry Regulatory Authority.