Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related services to financial institutions, active traders and individual investors, today announced that Rona Fairhead was appointed to chairman of the Company's Board of Directors, effective immediately.
Fairhead succeeds John Makinson, who has resigned from serving on Interactive Data's Board of Directors.
Fairhead has served as one of five Pearson-affiliated directors on the Interactive Data Board of Directors since February 2007. She will also serve as chair of the Nominating and Corporate Governance Committee. Phil Hoffman, a director on the Interactive Data Board since February 2007, will replace Makinson as chair of the Compensation Committee. Makinson had been chairman of the Interactive Data Board since December 2002 and served as a member of the Company's Board from February 2000 to October 2000.
John Makinson stated, "It was an honor to serve as chairman on Interactive Data's Board for nearly five years. During that time, Interactive Data established itself as a trusted industry leader while creating significant value for customers, employees, business partners and shareholders in the process. Although I will miss working with Stuart and rest of his management team, Rona possesses the leadership skills and overall business and financial acumen to help guide the Company into its next phase of growth."
Fairhead, 45, is currently chief executive officer of the Financial Times Group where she is responsible for overseeing the Financial Times, Pearson's international business newspapers and financial magazines, as well as its interests in Interactive Data, FTSE, which is owned jointly with the London Stock Exchange, and The Economist Group. Fairhead joined Pearson in October 2001 as deputy finance director, became chief financial officer in June 2002 and was appointed chief executive of the Financial Times Group in June 2006. She serves on the Pearson board and is also a member of the Pearson management committee. She was appointed a non-executive director of HSBC Holdings plc in 2004.
"On behalf of the whole Board, I'd like to thank John for his service and significant contribution to Interactive Data's success. It is a privilege for me to follow in his footsteps," said Rona Fairhead. "The people of Interactive Data have always sought to provide their customers with robust, innovative solutions combined with excellent service. This approach has established the Company as a widely respected industry leader and has produced notable growth over the last several years. I look forward to helping the Company continue that success and become an ever-stronger force in the industry."
Before joining Pearson, Fairhead was executive vice president, strategy and group financial control and a member of the Executive Board at ICI plc, the international specialty chemicals and paints company. Prior to her six years at ICI, she was a senior executive in the aerospace industry, working for Bombardier/Shorts Aerospace and British Aerospace. In her early career she worked for Bain & Co and Morgan Stanley. Fairhead has a law degree from Cambridge University and an MBA from Harvard Business School.
There are currently nine members of the Interactive Data Board. Interactive Data expects that a fifth Pearson-affiliated director will be appointed and announced in due course to bring the Board of Directors back to ten directors.
In another statement, Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related services, today announced a series of new executive responsibilities that are designed to align the Company's two largest institutionally-oriented businesses under a single management structure from a business and product strategy, sales management and operational perspective.
Stuart Clark, president and chief executive officer of Interactive Data Corporation, stated, "During this past year, we have made tangible progress toward operating more as 'one company' through initiatives such as our cross-company product development activities, the centralized management of key global accounts, and the brand and market awareness initiative. By unifying the executive leadership of our largest businesses, we start a process that will allow us to present our business more effectively to the marketplace and prioritize our efforts such that we are able to move faster in addressing client needs."
Mark Hepsworth Named President of Interactive Data Pricing and Reference Data
In addition to his current role as president of Interactive Data Real-Time Services, Inc., Mark Hepsworth, 48, has also been named president of Interactive Data Pricing and Reference Data, Inc. In this position, Hepsworth will focus on leading the business strategy, product development and general business management across Interactive Data's two largest institutionally-oriented businesses that span four core product areas: evaluated pricing, reference data, real-time services and managed solutions. Hepsworth will work closely with Ray D'Arcy, president of sales and marketing, and John King, chief operating officer, to generate sustained revenue and profit growth for these two businesses.
Since becoming president of Interactive Data Real-Time Services in October 2005, Hepsworth has successfully directed the global expansion of its real-time datafeed services business as well as overseen the integration and growth of the Interactive Data Managed Solutions business (formerly IS.Teledata AG). His experience includes a decade as Managing Director for Interactive Data Real-Time Services (formerly known as ComStock) in Europe. He will remain based in White Plains, New York.
Hepsworth commented, "Interactive Data has become a trusted partner to the world's foremost financialialncial institutions by providing a valuable range of high-quality market data, analytics and other services. By more effectively aligning our resources and working collaboratively with our customers, Interactive Data can provide a broader range of enterprise-wide products and services to the institutional marketplace at a time of considerable change within our industry."
In addition, the Company also announced broader responsibilities for two long-time Interactive Data senior executives.
Ray D'Arcy Expands Responsibilities
Under the direction of Ray D'Arcy, 55, president of sales and marketing for Interactive Data Corporation, the previously separate Pricing and Reference Data and Real-Time Services sales, client relationship management and client service organizations will be unified. In this capacity, D'Arcy will continue to integrate Interactive Data's institutional client facing teams across the company's expanded array of products and services.
Roger Sargeant to Lead International Business Development Efforts
Roger Sargeant, 41, currently managing director of Interactive Data (Europe), will now be responsible for leading the Company's international business development strategy and for coordinating related activities in Europe, the Middle East and Asia-Pacific. The Company believes that this leadership role will allow it to be more flexible and deploy greater scale to the development of its international business.
The rest of the Company's senior management team remains intact with no change in the organizational or financial reporting structures. Hepsworth, D'Arcy and Sargeant report to Stuart Clark, president and chief executive officer of Interactive Data Corporation, and each of the new roles outlined above are effective immediately.