Terry McGraw - Organizational & Management Changes Will Drive Innovation

Uploaded by mcgrawhill on 16.11.2010

bjbjLULU Terry McGraw: Organizational and Management Changes to Drive Growth and Innovation
November 15, 2010 Hello, I am Terry McGraw. I m excited to tell you about a series of
organizational and management changes that we have recently announced. These changes
will help us drive growth and innovation across our company. First, we are realigning our
Financial Services segment into two segments Standard & Poor s with Deven Sharma as President,
and McGraw-Hill Financial with Lou Eccleston as President. Lou brought a wealth of financial
experience when he first joined McGraw-Hill in 2008 to lead our newly-formed Fixed Income
Risk Management Services unit. Previously, he had served as chairman and CEO of Pivot,
a leading provider of communications networks for institutional investors. And before that,
he held senior positions at Thomson Financial and Bloomberg. Now Lou will bring his many
talents to McGraw-Hill Financial. This new segment represents the culmination of actions
taken over the past two years to harness the power of our financial information, data and
analytics and to organize them on a common sales and marketing platform. At the same
time, Deven and his team at Standard & Poor s will continue building on the outstanding
steps they have taken to enhance our leadership in credit ratings and research. And with this
new structure, both these segments will be positioned to better serve investors while
also meeting the needs of expanding global markets. Second, we are making key leadership
changes in other parts of our company. I am extremely pleased that Jack Callahan will
join McGraw-Hill in December as Chief Financial Officer. During the course of his distinguished
career, Jack has built an impressive record of success in markets around the world, including
Asia and South America. Most recently he served as CFO at Dean Foods. And earlier in his career,
he held senior leadership positions at PepsiCo, General Electric Company and McKinsey & Company.
Jack will succeed Bob Bahash, who will become President of McGraw-Hill Education. I have
been proud to call Bob a trusted adviser, a caring colleague, and a good friend for
so many years now. He has served as our chief financial officer since 1988. Among his many
responsibilities was managing corporate-wide information technology, including the direction
of the corporation s digital strategy. And now I am pleased that McGraw-Hill Education
will benefit from his visionary leadership, unmatched experience, and deep knowledge of
the industry. I can t thank Bob enough for his outstanding leadership as CFO of the company.
I also want to thank Pete Davis for his many contributions to the company. He has been
a valued colleague, and we all wish him well in his future career. While the changes I
have described impact many different parts of our company, they are all for a common
purpose creating a smarter, better world where everyone can succeed in the knowledge economy
of the future. I am proud that we have a strong, dynamic company. And with these organizational
changes, I have no doubt that we will achieve even greater success in the months and years
ahead. This is a great company because of people like you. Thanks. PAGE PAGE yqiq^qVKVK
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