Citibank chief takes S&P helm
Source: Agencies |
August 24, 2011, Wednesday
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Print Edition
The chief of rating agency Standard & Poor's will step down next month to be replaced by a senior Citibank executive in a move announced a few weeks after S&P down-graded US government debt.
S&P's parent, McGraw-Hill, yesterday said Deven Sharma, who has served as S&P's president since 2007, would leave the post on September 12 to be succeeded by Citibank chief operating officer Douglas Peterson.
In a statement, McGraw-Hill said: "S&P will continue to produce ratings that are comparable, forward-looking and transparent."
It added that Sharma would work on a strategic portfolio review for the group until leaving at the end of the year.
The downgrade on August 5 helped lead to the biggest sale in share markets since the global financial crisis three years earlier and sparked a row with the US Treasury over some of the agency's calculations.
The US Justice Department is also investigating the rating agency over its actions on mortgages leading up to the 2008 crisis, according to a source.
But the Financial Times, which first reported the news of Sharma's resignation, quoted unnamed sources yesterday as saying his departure was unrelated to the downgrade or the Justice Department investigation.
The board of McGraw-Hill made the decision to replace Sharma at a meeting where it also discussed its strategic review on Monday, according to the Financial Times.
On Monday, McGraw-Hill directors and executives met hedge fund Jana Partners and the Ontario Teacher's Pension Fund to hear their arguments that the company should be broken up.
S&P's parent, McGraw-Hill, yesterday said Deven Sharma, who has served as S&P's president since 2007, would leave the post on September 12 to be succeeded by Citibank chief operating officer Douglas Peterson.
In a statement, McGraw-Hill said: "S&P will continue to produce ratings that are comparable, forward-looking and transparent."
It added that Sharma would work on a strategic portfolio review for the group until leaving at the end of the year.
The downgrade on August 5 helped lead to the biggest sale in share markets since the global financial crisis three years earlier and sparked a row with the US Treasury over some of the agency's calculations.
The US Justice Department is also investigating the rating agency over its actions on mortgages leading up to the 2008 crisis, according to a source.
But the Financial Times, which first reported the news of Sharma's resignation, quoted unnamed sources yesterday as saying his departure was unrelated to the downgrade or the Justice Department investigation.
The board of McGraw-Hill made the decision to replace Sharma at a meeting where it also discussed its strategic review on Monday, according to the Financial Times.
On Monday, McGraw-Hill directors and executives met hedge fund Jana Partners and the Ontario Teacher's Pension Fund to hear their arguments that the company should be broken up.
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