Harold McGraw III, Chairman, President and CEO of The McGraw-Hill Companies, Named Chairman of Business Roundtable.
Mr. McGraw, who has been Chairman of Business Roundtable's International Trade & Investment Task Force since October 2003, was selected to succeed Hank McKinnell, former CEO of Pfizer, who served as Roundtable chairman from November 2003 through July 2006 and who remains Pfizer's chairman.
"We live and work in an increasingly competitive global environment, and having an organization dedicated to driving economic growth, developing the skills and talents of our workers and students, and working to increase corporate responsibility and accountability is critical to our country's future success," said Mr. McGraw. "I am honored to be selected by my peers to lead Business Roundtable, whose members help create a more secure and sustainable future for the U.S. and for people around the world."
Roundtable companies represent over $4.5 trillion in annual revenues and more than 10 million employees. They comprise nearly a third of the total value of the U.S. stock market and represent nearly a third of all corporate income taxes paid to the federal government. Collectively, they returned more than $110 billion in dividends to shareholders and the economy in 2005.
More than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving in the U.S., is attributable to Roundtable companies. These companies are also leaders in technology innovation, with $86 billion in annual research and development spending -- nearly half of the total private R&D spending in the U.S.
"Terry McGraw has provided tremendous leadership to the Roundtable on issues related to trade, expanding investment and worldwide competitiveness," said Edward B. Rust Jr., Chairman and CEO of State Farm Insurance Companies and Co-Chairman of Business Roundtable. "He has been an aggressive proponent of strengthening the economy through trade and investment expansion around the world. His efforts have helped further the Roundtable's legislative objectives as evidenced by Congressional action on Trade Promotion Authority and the Central America Free Trade Agreement."
Under his leadership, the Roundtable's International Trade & Investment Task Force worked to promote policies that enhance the competitiveness of U.S. business in global markets. He led the Task Force's efforts to work with CEO groups in other countries, through the World Business Leaders for Growth, to support trade expansion, investment and regulatory reform.
Mr. McGraw was elected President and Chief Operating Officer of The McGraw-Hill Companies in 1993; Chief Executive Officer in 1998; and Chairman in December 1999. He has been a member of The McGraw-Hill Companies' Board of Directors since 1987. During his tenure, he has led a transformation of the Corporation, consolidating 15 diverse units into three focused business segments, each one a market leader. Mr. McGraw received an M.B.A. from the Wharton School of the University of Pennsylvania in 1976 and a B.A. from Tufts University in 1972.
Mr. McGraw will lead an aggressive agenda for Business Roundtable aimed at continued growth of the U.S. economy. At the top of the agenda are: negotiating new free trade agreements; promoting high standards of corporate governance; enhancing the competitiveness of our students and workforce; addressing rising health care costs and the energy crisis; promoting sustainable business practices; and strengthening the partnership between the private and public sectors.
"Supporting public institutions that help shape the policies that have led to the country's economic success is critical," Mr. McGraw added. "The strong linkage between public and private sector interests requires business leaders to participate in shaping public policies that raise standards of living, and improve the quality of life. As business leaders we need to speak with a strong voice, whether we are talking about the integration of global markets, development of the workforce or formulation of fiscal policy."
Mr. McGraw will also lead the quarterly release of the Roundtable's CEO Economic Outlook Survey, which canvases America's leading CEOs on their employment, sales, capital expenditure and annual GDP projections. The survey is in its fifth year and has become widely recognized as a solid, forward- looking snapshot of business conditions.
Business Roundtable (http://www.businessroundtable.org/) is an association of chief executive officers of leading U.S. companies with over $4.5 trillion in annual revenues and more than 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock market and represent nearly a third of all corporate income taxes paid to the federal government. Collectively, they returned more than $110 billion in dividends to shareholders and the economy in 2005.
Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with $86 billion in annual research and development spending -- nearly half of the total private R&D spending in the U.S.
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 290 offices in 38 countries. Sales in 2005 were $6.0 billion. Additional information is available at http://www.mcgraw-hill.com/.
CONTACT: Tita Freeman of Business Roundtable, +1-202-496-3269
CONTACT: Tita Freeman of Business Roundtable, +1-202-496-3269
Web site: http://www.businessroundtable.org/ http://www.mcgraw-hill.com/
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|Date:||Aug 9, 2006|
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