NASBA CEO Announces Plans To Retire

Selection Process and Advisory Committee Established to Identify Costello's Successor

NASHVILLE, Tenn., April 23 /PRNewswire/ -- David A. Costello, CPA, President and CEO of the National Association of State Boards of Accountancy (NASBA) announced his plans to retire from his executive role with NASBA, effective January 1, 2012.  Mr. Costello made the formal announcement before the NASBA Board of Directors during the Board's quarterly meeting held April 23.

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In addition to serving as President and CEO of NASBA since 1994, Mr. Costello is also the President and CEO of NASBA's Center for the Public Trust – established in 2004 to address the issue of ethics and ethical behavior in business, education, public policy and society.

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, and grew its employee base from 40 employees to over 250 employees.

As a means to effectively prepare for Costello's transition of leadership, the NASBA Board of Directors approved a formal process and Selection Advisory Committee (SAC) to determine his successor.  The Board of Directors, through its Executive Committee, will announce the appointment of a SAC representing each of the eight NASBA regions.

Beginning in June 2010, the SAC will vet their formal selection process with State Boards and obtain feedback from State Board representatives during NASBA's 2010 Regional Meetings. Following the vetting process, a formal candidate search will be launched with consideration being given to current NASBA staff, as well as other qualified candidates.  Upon receiving finalist recommendations from the SAC and Executive Committee, an announcement of Costello's successor will be named after approval by the NASBA Board of Directors.

The overall time frame for the search and selection process is expected to last approximately 9-12 months, with the goal to have a replacement identified and on board to ensure sufficient time for a smooth transition.

About NASBA

Celebrating 102 years of service, the National Association of State Boards of Accountancy (NASBA) serves as a forum for the nation's state boards of accountancy, which administer the Uniform CPA Examination, license over 600,000 certified public accountants and regulate the practice of public accountancy in the United States. NASBA's mission is to enhance the effectiveness of state boards of accountancy in meeting their regulatory responsibilities. The Association promotes the exchange of information among the accountancy boards, serving the needs of the 55 U.S. jurisdictions.  

NASBA is headquartered in Nashville, Tenn., with a satellite office in New York, NY and a Computer Testing Center in Guam. To learn more about NASBA, visit www.nasba.org.

SOURCE National Association of State Boards of Accountancy - NASBA