Search press announcements

Bloomberg Appoints Samuel Palmisano as Independent Adviser

May 17, 2013

Bloomberg also appoints Clark Hoyt to review Bloomberg News’
relationship with the Company’s commercial operations

New York — 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

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

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

Contact for Bloomberg U.S.:

Ty Trippet, +1 212-617-2443,

Contact for Bloomberg EMEA:

Catrin Thomas, +44 7917 000 808,

Contact for Bloomberg APAC:

Debbie Liew, +65 6212-1166,