Morgan Stanley has elected Robert Herz, a former chairman of the Financial Accounting Standards Board, to its board of directors, effective July 2. He also will serve on the board's audit committee.

Herz, who is a regular columnist for Compliance Week, served as FASB's chairman from July 2002 to September 2010 and was previously a member of the International Accounting Standards Board.

He currently is president of Robert H. Herz LLC, providing consulting services on financial reporting matters, and has been a director of Fannie Mae since June 2011. Herz also serves on the Accounting Standards Oversight Council of Canada and as a member of the Standing Advisory Group of the Public Company Accounting Oversight Board.

Herz's appointment will bring Morgan Stanley's board to 14 members.