Ray Groves, Ombudsman for Standard & Poor's

Ray Groves served as the chairman and chief executive officer of Ernst & Young until his retirement from the firm in 1994, where he was an employee for 37 years. He formerly served as the chairman of the Board of Directors of the American Institute of Certified Public Accountants, and as a member of the Board of Governors of the American Stock Exchange and the National Association of Securities Dealers.

From 1995 until 2001, Mr. Groves served as chairman of Legg Mason Merchant Banking, Inc. He also served as president, chairman and senior advisor of Marsh Inc. from 2001 to 2005.

Mr. Groves is a member and former chairman of the Board of The Ohio State University Foundation. He is also a member of the Dean’s Advisory Council of the Fisher College of Business. He is a former member of the board of overseers of the Wharton School, University of Pennsylvania, and served as the chairman of its Center for the Study of the Service Sector.

Mr. Groves serves on the Board of Directors of Boston Scientific Corporation, Group Ark Insurance Holdings Ltd., and Colorado Physicians Insurance Company. Mr. Groves is a member of the Council on Foreign Relations and is an Advisory Director of The Metropolitan Opera Association. He received a B.S. degree from The Ohio State University.