Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related services, today announced that its Board of Directors has selected Raymond L. D'Arcy, president of sales and marketing for Interactive Data, to succeed Stuart J. Clark as the Company's president and chief executive officer upon Clark's planned retirement in 2009.
D'Arcy, 56, has served in a variety of executive roles during his 29-year tenure with Interactive Data Corporation. In his most recent role as president of Interactive Data's sales and marketing organization, D'Arcy has led the unification of Interactive Data's two largest institutional sales, account management and client service organizations, and played an instrumental role in refining and building the Interactive Data brand across the Company's Institutional Services segment. During his tenure with Interactive Data, D'Arcy has been successful in driving new sales, championing the introduction of innovative new offerings, and building enduring relationships with many of the world's foremost financial institutions.
As previously announced, Interactive Data's Board of Directors initiated a formal CEO succession process in May 2008, when Clark informed the Board of his intention to retire in 2009. Clark will work closely with D'Arcy to facilitate a smooth, orderly transition of the CEO role during the first half of 2009.
Speaking for the Board, Rona Fairhead, chairman of the Board of Directors, stated, "We are delighted to select Ray D'Arcy as Interactive Data's next leader. We have been enormously impressed by Ray in his existing role - he has a keen understanding of our customers' needs and the ways in which Interactive Data can best build upon the trust it has earned with these customers. His three decades of experience with Interactive Data provides enormous stability and continuity, and gives us confidence that the Company's momentum in the marketplace can be maintained. We look forward to working with Ray to build on Interactive Data's track record of success."
Commenting on his selection, Ray D'Arcy stated, "It is gratifying to have been selected to lead Interactive Data and I want to thank our Board of Directors for the trust and confidence they have placed in me by selecting me as Stuart's successor. It is an honor to follow in Sttuart's footsteps. I have worked with Stuart for many years and have the highest regard for his leadership. He has instilled a customer-centric culture across our global organization, which has helped distinguish Interactive Data as a trusted leader in our industry. I believe that Interactive Data is well positioned to continue helping our customers worldwide to achieve key business objectives through a broad range of high-value market data services and related solutions that are fundamental to supporting mission-critical applications across the enterprise."
Interactive Data's President and Chief Executive Officer, Stuart Clark, stated, "I have known Ray for more than 20 years, and greatly admire his leadership and management skills. I brought Ray onto my senior management team soon after becoming president of Interactive Data in 1995. Since then, he has led the market-facing side of our institutional business through 12 consecutive years of growth. He will be a tremendous leader of Interactive Data Corporation and I look forward to working with him over the coming months to effect his smooth and seamless transition to the CEO role."
Raymond L. D'Arcy Biography
During his 29-year career at Interactive Data, Ray D'Arcy has held a number of senior-level sales, marketing, product management and finance positions. After spending his first four years as manager of financial and management reporting, D'Arcy transitioned into the product management organization, building the Company's presence within the US mutual fund industry. He then advanced into regional and national senior sales executive roles within the organization, becoming vice president of global sales and marketing in 1999. D'Arcy became president of the Data Delivery Business in 2002, where he helped integrate the Company's largest institutional sales and product development teams, sponsored the introduction of innovative high-value services and helped create the Major Accounts Group to centralize client-facing activities for some of the Company's largest and most strategic customers. He became president of Interactive Data's sales and marketing organization in 2006, leading key initiatives that have advanced new institutional sales, further fortified existing customer relationships and elevated the Company's stature in the financial information industry. D'Arcy earned his undergraduate degree in accounting from Boston College, where he was also the captain of the ice hockey team. He later obtained an MBA in finance from Babson College. A photograph of D'Arcy is available in the image gallery of the press section on the Interactive Data website.
Stuart Clark Biography
Stuart J. Clark has served as Interactive Data's president and chief executive officer and a member of the Company's Board of Directors since February 29, 2000, and has been employed in the financial information industry since 1968. Under Clark's leadership, Interactive Data has expanded its offerings through both internal innovation and strategic acquisitions to establish itself as one of the industry's largest providers of financial market data, sophisticated analytics and related solutions that can meet an expansive range of customer needs. Since 2000, Interactive Data's revenue, net income and net cash provided by operating activities have grown steadily each and every year. Prior to his current position, Clark served as president of Interactive Data Corporation - as it existed before its merger with Data Broadcasting Corporation - since 1995. From 1993 to 1995, Clark was a director of UK-based Financial Times Information, with specific responsibility for the Market Data Division. Prior to 1993, Clark led the market data division of Extel Financial Limited, which was acquired by Pearson plc's Financial Times Group in December 1993. A photograph of Clark is available in the image gallery of the press section on the Interactive Data website.