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Institutional Shareholder Services Appoints New Chief Executive

Published 01-29-04

Submitted by Risk Metrics Group, The

ROCKVILLE, MD and LONDON - Institutional Shareholder Services (ISS), the world's leading provider of proxy voting and corporate governance data services, today announced that John M. Connolly will become president and chief executive officer of the leading corporate governance advisory firm, effective March 1. Connolly, a seasoned business executive with an entrepreneurial background and a proven track record of successfully leading both public and private high-growth companies, was selected to succeed Jamie Heard, who served as ISS's chief executive for almost three years following its 2001 merger with Proxy Monitor.

"John truly has the background and skills to bring ISS through its next level of growth. His customer-focused, strategic approach to management has brought success to all of his previous endeavors," said chairman of ISS's board Robert C. S. Monks, Jr. "As we build upon the great success ISS has achieved, we are now entering an era requiring international expansion, as well as new service and product development. Jamie has played an instrumental role in selecting a successor who has the ability to strengthen ISS's global market leadership, improve the efficiencies and effectiveness of its operations, and achieve the greater level of client service and satisfaction necessary as ISS continues on its phenomenal growth path."

Connolly's diverse business background includes experience as a successful entrepreneur and 20 years as a proven executive business leader. In 1996, Connolly founded Mainspring Inc., a provider of strategic consulting, research, and advisory services to Fortune 1000 companies. Under his leadership, Mainspring grew from a start up to a publicly traded company and was ultimately purchased by IBM in June of 2001. During Mr. Connolly's three-year tenure at IBM, he successfully built a world-class strategy consulting practice and used his deep expertise in business strategy and change to lead the integration of IBM's acquisition of PricewaterhouseCoopers Consulting in 2002. In his most recent position, Connolly was the global general manager of IBM Business Consulting Services' financial services business. Prior to Mainspring, Mr. Connolly founded Course Technology, Inc., a publisher of books and software that was purchased by The Thomson Corporation in 1992. Mr. Connolly went on to become CEO of Thomson Media, a subsidiary of The Thomson Corporation.

"I see an enormous opportunity for ISS to build upon its exceptional record of industry leadership, innovation and customer service by partnering with its clients to navigate the ever-evolving area of corporate governance" said Connolly. "I'm absolutely confident that we will strategically leverage these assets, deploy new technologies, and deliver services and products to meet the needs of our clients around the world."

A 25-year veteran in the corporate governance arena, Jamie Heard will remain with ISS as vice chairman and will continue to serve as an advisor to ISS while also dedicating his time to corporate governance thought leadership.

"I am delighted to turn over the leadership of ISS to John," said Heard. "He is the ideal person to lead ISS in this stage of its growth."

Mr. Connolly earned his B.A. degree from St. Norbert's College in 1974 and completed the INSEAD Executive Strategic Management Program in 1995. Mr. Connolly is married and has two children.

About Institutional Shareholder Services

ISS is the world's leading provider of proxy voting and corporate governance services. ISS provides proxy research, vote recommendations and governance advisory services to financial institutions worldwide. Founded in 1985, ISS is headquartered in Maryland and has offices in New York, London, Toronto, Tokyo and Chicago. For more information, visit www.issproxy.com.

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Risk Metrics Group, The

Risk Metrics Group, The

Since 1985, Institutional Shareholder Services (ISS) has met the diverse and rapidly evolving needs of the institutional investor community by delivering leading proxy voting and corporate governance solutions. ISS responds to the evolution of the corporate governance market by providing a broad choice of products and solutions, a global network of local experts and the industry's only integrated end-to-end platform to facilitate research distribution and vote execution through a single interface. ISS is a wholly-owned subsidiary of RiskMetrics Group. RiskMetrics Group and ISS have more than 900 employees across 23 offices serving over 2,400 clients worldwide. Together, we are working to innovate solutions that enable institutional investors to effectively manage risk through a broad range of environmental, social and governance data, research, analytics and modeling.

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