In an surprise announcement, the FAF announced today that FASB chairman, Robert Herz, will retire two years ahead of the end of his term.   FASB board member Leslie Seidman will serve as acting chairman from Oct. 1.

A WSJ article reports that “[FAF President Jack] Brennan said in an interview that the decision to step down was Herz’s and that the foundation hadn’t received any pressure from the government or outside parties to replace him. FASB is an independent standard-setting body, although its activities are overseen by the Securities and Exchange Commission. The board’s activities are also subject to congressional oversight hearings. Herz wasn’t available to comment. ”

In addition, the FAF announced that the board will also grow back to 7 members from its current 5 member board.

The full FAF press release is available here.

This is interesting news, especially in light of the substantial standard setting agenda that the board faces over the next few years.