Business analytics provider IHS Inc. (NYSE: IHS) and financial info services specialist Markit Ltd (NASDAQ: MRKT) today announced senior executive leadership appointments for IHS Markit following the consummation of their planned $13 billion merger that was announced on March 21, 2016.
The appointments will be effective upon completion of the proposed merger transaction, which is expected to close in the second half of 2016, subject to satisfaction of customary closing conditions, including receipt of shareholder approvals.
IHS and Markit have received all the regulatory approvals required for the merger to be completed.
As previously disclosed, Jerre Stead, IHS chairman and chief executive officer (CEO), will assume the role of Chairman of the Board of Directors and CEO of IHS Markit. Lance Uggla, chairman and CEO of Markit, will be President and a member of the Board of Directors of IHS Markit. Mr. Uggla will assume the role of Chairman of the Board of Directors and CEO of IHS Markit upon Mr. Stead’s retirement on December 31, 2017. Mr. Uggla also will be the Chief Integration Officer for IHS Markit leading the process and teams that will integrate IHS and Markit into a single, efficient and high-performing business.
The senior executive leadership team members comprising the IHS Markit Office of the CEO and reporting to Mr. Stead are:
- Lance Uggla will become President and member of the Board of Directors. Mr. Uggla is currently Chairman and CEO of Markit.
- Daniel Yergin will become Vice Chairman of IHS Markit. Mr. Yergin is currently Vice Chairman of IHS.
- Todd Hyatt will become Executive Vice President and Chief Financial Officer (CFO) for IHS Markit. Mr. Hyatt is currently Executive Vice President and CFO for IHS.
- Shane Akeroyd will become Executive Vice President-Global Head of Account Management and Regional Head of Asia Pacific, based in Hong Kong. In this role, he will be responsible for coordinating and representing the company in Asia Pacific as well as leading IHS Markit cross-selling efforts and Global Account Management teams. Mr. Akeroyd is currently Head of Sales for Markit.
- Jonathan Gear will continue his responsibilities as Executive Vice President-Resources and Transportation for IHS Markit. Mr. Gear currently holds the same position for IHS leading the business lines in Resources and Transportation, which include: Energy, Chemical, Automotive, Aerospace Defense and Security, and Maritime and Trade.
- Sari Granat will become Executive Vice President and General Counsel for IHS Markit and will be responsible for legal, compliance, enterprise risk, information security and regulatory affairs. Ms. Granat is currently General Counsel for Markit.
- Randy Harvey will become Executive Vice President and Chief Technology Officer (CTO) for IHS Markit. Mr. Harvey currently is Senior Vice President and CTO for IHS.
- Adam Kansler will become Executive Vice President-Financial Markets for IHS Markit. This business will include the Information and Processing businesses currently in Markit coupled with the IHS Economic and Country Risk products. Mr. Kansler is currently Co-Head of Information for Markit.
- Yaacov Mutnikas will become Executive Vice President-Financial Market Technologies for IHS Markit. This business will include data transformation and the analytics, enterprise data management, Information Mosaic, thinkFolio and WSO businesses currently in Markit. Mr. Mutnikas is currently Co-Head of Solutions for Markit.
- Jane Okun Bomba will become Executive Vice President and Chief Administrative Officer for IHS Markit. Ms. Okun Bomba will lead Human Resources, Communications, Investor Relations, Customer Experience, Corporate Marketing and Sustainability. She is currently Senior Vice President-Marketing, Chief Sustainability and Communications Officer for IHS.
- Jeff Sisson will become Executive Vice President and Chief of Staff for IHS Markit. Mr. Sisson will support the integration process and provide business consultation on key strategic and operational initiatives to support the future growth, execution and success of IHS Markit. He is currently Senior Vice President and Chief Human Resources Officer for IHS.
- Michele Trogni will become Executive Vice President-Consolidated Markets and Solutions for IHS Markit. This business will include all managed services currently in Markit as well as the Product Design and Technology, Media and Telecommunications teams in IHS. Ms. Trogni is currently Co-Head of Solutions for Markit.
The IHS Markit Board of Directors and other leadership roles are expected to be announced around the time of the closing of the merger.
“We are very pleased to announce the senior leadership team of IHS Markit that will drive the growth, profitability and innovation of the newly combined company,” Mr. Stead said. “We are blessed to have such talented and experienced executives coming from both companies and from which to build our executive management team. This team has deep experience in leading a culture which focuses on customer satisfaction and colleague and shareholder success.”
Mr. Uggla said: “The announcement of the executive leadership team for IHS Markit is an important milestone as we work to complete our merger. Building on the strong Markit and IHS executive teams, we have appointed a world-class leadership group that will be responsible for quickly integrating the companies and effectively capturing our anticipated cost and revenue synergies. Together, we will create a global information powerhouse and a platform for innovation best positioned to meet the needs of our customers.”
IHS Markit will be the leader in critical information, analytics and solutions, and will have non-overlapping customers and products, a strong financial profile and a world-class management team. The company will also deliver next-generation information and analytics products to help customers improve decision making. IHS Markit will have more than 50,000 key customers, including 75 percent of the Fortune Global 500, governments in more than 140 countries and the world’s leading financial institutions, creating significant cross-selling opportunities across multiple commercial industries and governments.
The combined company’s reported results for fiscal year 2015 include approximately: $3.3 billion in revenue, $1.2 billion in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), and $800 million in free cash flow.