NEW YORK--(BUSINESS WIRE)--Bloomberg LP announced today the appointment of Samuel J. Palmisano, the former Chairman and CEO of IBM, to serve as an independent adviser regarding the Company’s privacy and data standards.
Mr. Palmisano will immediately undertake a review of the Company’s current practices and policies for client data and end user information, including a review of access issues recently raised by the Company’s clients. In addition, Mr. Palmisano will make recommendations and advise on the implementation of any enhancements to these practices and policies, including the independent verification of the Company’s systems and procedures. Mr. Palmisano will report to Bloomberg’s Board of Directors.
To assist Mr. Palmisano and the Company in the review of data and privacy issues, the formulation of recommendations, and the implementation of any recommended enhancements, the Board has hired Hogan Lovells and the Promontory Financial Group. Additional expertise will be retained as necessary.
Daniel L. Doctoroff, Bloomberg CEO and President, said, “Nothing is more important than our clients’ trust. When a client brought these matters to our attention, we apologized for our mistake and took immediate action including the appointment of an internal Client Data Compliance Officer. We want, however, to go even further and get the benefit of independent leading experts so that we set the new standard for privacy and data security. This review will be completed expeditiously, thoughtfully and thoroughly.”
In addition, Bloomberg announced that Clark Hoyt, Editor-at-Large at Bloomberg News until today and formerly the public editor of the New York Times, will conduct a review of Bloomberg News’ relationship with the Company’s commercial operations, including privacy and data policies. He will make recommendations stemming from that review. All necessary resources will be made available to Mr. Hoyt, who will report to Mr. Doctoroff.
“We are committed to getting the best possible advice from experts with impeccable reputations in their respective fields,” said Peter T. Grauer, Chairman of Bloomberg. "Sam Palmisano is an expert at understanding issues related to technology and data use, having led the transition at IBM from computers to helping customers use technology to solve business challenges. Clark Hoyt is a great journalist and an impartial critic. His experience as the Times' public editor and his understanding of Bloomberg will serve us well. We are going to engage with our clients and other constituents in this process to ensure we’ve incorporated their advice.”
About Samuel J. Palmisano
Sam Palmisano is the former CEO of IBM, where he served until January 2012. He also served as Chairman of the company until September, 2012. He was promoted to CEO in March 2002 and named Chairman effective January 1, 2003. Under his leadership, IBM achieved record financial performance, transformed itself into a globally integrated enterprise and introduced its Smarter Planet agenda. He serves on the boards of ExxonMobil and American Express. He also serves on the Board of Bloomberg Philanthropies.
About Clark Hoyt
Prior to this appointment, Mr. Hoyt was an Editor-at-large at Bloomberg News. Before joining Bloomberg in 2010, Mr. Hoyt was public editor, or ombudsman, of The New York Times for three years. Prior to that he had worked for 38 years at Knight Ridder Newspapers in a variety of reporting and editing positions, including national correspondent in Washington, business editor of the Detroit Free Press, Washington bureau chief and vice president of news, its chief news officer. Mr. Hoyt shared the Pulitzer Prize for national reporting with Robert S. Boyd.
About Promontory Financial Group
Promontory is a leading strategy, risk management, privacy, data security and regulatory compliance consulting firm focusing primarily on the financial services industry. Led by Founder and CEO, Eugene A. Ludwig, former U.S. Comptroller of the Currency, Promontory professionals have deep and varied expertise in data and privacy. From fifteen offices in North America, Europe, Asia, Australia, and the Middle East, professionals assist clients in more than 50 countries on six continents. Promontory's affiliates complement its global strengths by providing compliance technology, reporting, financing, and funding solutions.
About Hogan Lovells
Hogan Lovells is a global legal practice that helps corporations, financial institutions, and governmental entities across the spectrum of their critical business and legal issues globally and locally. The firm has over 2,500 lawyers operating out of more than 40 offices in the United States, Europe, Latin America, the Middle East, and Asia. Hogan Lovells has one of the largest and most experienced Privacy and Information Management practices in the world, spanning the United States, the European Union, and Asia.
About Bloomberg LP
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength -- delivering data, news and analytics through innovative technology, quickly and accurately -- is at the core of the Bloomberg Professional® service, which provides real time financial information to more than 315,000 subscribers globally. Bloomberg’s enterprise solutions build on the company’s core strength, leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively.