[ by Melanie Gretchen ] Morgan Stanley elected a new director to its board last week. Robert Herz joined the board having departed as a chairman of the Financial Accounting Standards Board, following recent conflict over whether to require banks to mark to market the loans on their books and a contentious House hearing on accounting rules in March 2009. Prior to joining Financial Accounting Standards Board, Mr. Herz was a partner with the accounting firm PricewaterhouseCoopers, served as chairman of the standards board from 2002 to 2010.  In addition, he served as a member of the International Accounting Standards Board, the Accounting Standards Oversight Council of Canada, and the standing advisory group of the Public Company Accounting Oversight Board. Others may recognize his name as a consultant on financial reporting matters as president of Robert H. Herz LLC and a director of Fannie Mae.  At Morgan Stanley, he will join 13 other director on the board.

"His many years of leadership in the realm of accounting and financial reporting mean that Morgan Stanley's board will possess yet another voice of experience on matters of critical importance to our businesses, our clients and our shareholders." -- James Gorman, the chairman and CEO of Morgan Stanley, said in a statement.

For further details, go to [Dealbook, 6/28/12].