Financial Reporting
FASB taps vice chair, former KPMG partner for next chair
The Financial Accounting Standards Board (FASB) announced on Tuesday that Vice Chair Hillary H. Salo will become its next chair, succeeding Richard Jones on July 1, 2027, with a term ending June 30, 2034. Salo, a former KPMG audit partner, rejoined FASB in 2020 and has served as vice chair since July 2024. Industry observers expect regulatory continuity, but note ongoing political pressures on the board.
Enovix Interim CEO Emphasizes 'Financial Prudence' Strategy, CFO Benton Takes Transitional Leadership Role
On August 13, Enovix announced that CFO Ryan Benton would also serve as interim CEO, succeeding Raj Talluri, who resigned for personal opportunities. Chairman T.J. Rodgers took on the role of Executive Chairman, emphasizing that the company's strategy and product roadmap remain unchanged. In an investor call, Benton stated that he would draw on his transition experience at Exar to drive growth in three major markets with a 'financially prudent' approach. The company reaffirmed its Q3 revenue guidance of $9 million to $10 million, with net loss narrowing to $29 million to $32 million. Despite Q2 revenue growing 21%, the net loss was $43 million, and shares fell 13% on Tuesday to $12.52.
Bakkt appoints new CFO, accelerates stablecoin business expansion
Bakkt announced the appointment of Matt White as CFO, effective August 14, succeeding Karen Alexander, who has departed. White, who previously spent seven years at CoreCard, will oversee the company's transition to stablecoin infrastructure.
Crisis Alpha Strategy for Enhancing Return Potential
The crisis alpha of trend-following strategies is typically considered to have only defensive value, but recent research reveals that approximately 76% of their risk and 78% of their excess returns come from beta timing decisions. By replacing the relative value component with strategies of higher Sharpe ratios, it is possible to retain most crisis alpha characteristics while improving average returns, especially during stock market booms.
Washington, D.C. Mayor Enacts CPA Licensing Reform Legislation
Washington, D.C. Mayor Muriel Bowser approved legislation (D.C. Act 26-412) establishing an alternative CPA licensure route that does not require 150 college credit hours. The act, signed Monday, will become law after a 30-day congressional review period absent opposition. The new pathway requires a bachelor's degree with an accounting concentration, two years of experience, and passing the CPA exam.
AI-Related Lawsuits Drive Surge in Securities Class Action Filings
Securities class action filings in federal and state courts jumped 30% to 121 in the first half of 2026, fueled by a surge in AI-related lawsuits. Disclosure dollar losses reached $529 billion, close to the all-time high, while AI filings are on pace to nearly double 2025's total.
Chicago Mayor Appoints Fitch Ratings Veteran as New Chief Financial Officer
Chicago Mayor Brandon Johnson has appointed Ashlee Brianne Gabrysch, a Fitch Ratings veteran who covered the city as lead analyst, to serve as the city's next CFO. The move comes after a series of high-profile exits in the city's finance leadership, including Acting CFO Steven Mahr's abrupt departure last month. Gabrysch's background includes overseeing credit analysis for over $50 billion in state and local issuers, and her appointment has drawn both optimism from the Civic Federation and scrutiny from The Chicago Tribune, which noted her role in a February downgrade of the city's credit rating.
Hidden Working Capital Opportunities in Payment Mix
Most companies' accounts payable profiles are not the result of strategic design but rather the accumulation of piecemeal supplier negotiations over the years. Bank of America's Commercial Card Advisory team found 95 different combinations of payment terms and methods at one client—some suppliers on net 30 days, some on net 45, some paid by check, others via ACH. This disorder is quietly eroding working capital. A joint Visa and Bank of America survey at the end of 2025 showed that 80% of finance leaders ranked improving cash and working capital forecasting as a high priority for the coming year, yet checks still account for 12% of total commercial payments. Virtual cards and electronic accounts payable are becoming the mainstream direction for releasing funds, with their payment share expected to rise from 8.1% to 10.4% over the next 12 months.
Zoetis appoints former GE Healthcare CFO as dual finance and operations executive
Zoetis announced on Thursday the appointment of former GE Healthcare CFO Jay Saccaro as the newly created CFO and COO, effective August 17. Current CFO Wetteny Joseph will transition to special advisor until February 28, 2027, or an agreed termination date. Saccaro will receive an annual salary of $1 million and multiple long-term incentives.