NEW YORK, Jan. 7 /PRNewswire-FirstCall/ -- The McGraw-Hill Companies (NYSE: MHP) today announced that Ray Groves has been appointed as the Ombudsman for Standard & Poor's effective Feb. 16, 2009. Mr. Groves is the former chairman and chief executive officer of Ernst & Young. S&P announced its intention to create the position of Ombudsman as one of a series of actions the company is undertaking to further strengthen its ratings process, increase transparency and better serve capital markets around the world.
The Ombudsman will report outside of the S&P business units to Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies, S&P's parent company, and will have accountability to the Audit Committee of McGraw-Hill's Board of Directors to provide an independent review of issues and concerns. The Ombudsman will report annually to the public on the activity he has undertaken in the preceding year.
"Both the markets and our own employees expect the highest standards of independence, quality and transparency from Standard & Poor's, and its long-term track record speaks to its commitment to these values," said Mr. McGraw. "The Office of the Ombudsman will provide another way for S&P to meet these expectations."
The Ombudsman will listen to and address issues and concerns raised from both within or outside the company confidentially, while also ensuring that all channels within the company are effectively utilized to resolve those issues. This will allow the Office of the Ombudsman to offer a balanced and independent approach to resolution.
"I am very pleased to join McGraw-Hill at such an important time in the financial markets," said Mr. Groves. "I intend to do all that I can to address any issues brought to my office in as fair, transparent and expeditious a manner as possible, and in doing so, help restore confidence in the markets."
Mr. Groves was with Ernst & Young for 37 years, serving as chairman and chief executive officer for the last 17 years until his retirement in 1994. Mr. Groves was chairman of Legg Mason Merchant Banking, Inc. from 1995 to 2001. He served as president, chairman and senior advisor of Marsh Inc. from 2001 to 2005. Mr. Groves has served as a director of EDS, Gillette and Nabisco, among others. Mr. Groves' full bio can be found at http://www2.standardandpoors.com/spf/pdf/media/Groves_bio_final.pdf.
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. Additional information is available at http://www.mcgraw-hill.com.
Homepage: http://www.mcgraw-hill.com
Investor Relations: http://www.mcgraw-hill.com/investor_relations
Get news direct from McGraw-Hill via RSS:
http://investor.spglobal.com/CustomPage/Index?keyGenPage=1073751617
Release issued: January 7, 2009
SOURCE The McGraw-Hill Companies
Contact: Media Relations: Steven H. Weiss, Vice President, Corporate Communications, The McGraw-Hill Companies, +1-212-512-2247 (office), +1-917-699-9389 (mobile), weissh@mcgraw-hill.com; or Elizabeth Ventura, Senior Vice President, Marketing & Communications, Standard & Poor's, +`1-212-438-6720 (office), elizabeth_ventura@standardandpoors.com