Thomson Reuters Adds Former FDIC Chairman Sheila Bair to Board

Thomson Reuters Corp., the provider of financial data and news, elected former Federal Deposit Insurance Corp. Chairman Sheila Bair to its board, adding an outspoken advocate of greater transparency from banks.

Bair, 60, is joining the board along with Mike Daniels, a former International Business Machines Corp. executive, and Tom Jenkins, chairman of Canadian software maker Open Text Corp., New York-based Thomson Reuters said today in a statement.

Bair, who led FDIC from 2006 to 2011, has called for breaking up the biggest financial firms and imposing tougher safety standards. She joined the board of Banco Santander SA, Spain’s biggest bank, earlier this year, saying she would help it strengthen risk management.

Board member David Binet, chief executive officer of the Thomson family’s Woodbridge Co., was named deputy chairman, Thomson Reuters said. Woodbridge owns 56 percent of Thomson Reuters, according to data compiled by Bloomberg.

Lawton Fitt, Deryck Maughan and John Thompson left the board after completing their terms.

Bloomberg News is owned by Bloomberg LP, which competes with Thomson Reuters in the market for financial news and information.

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