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S&P replaces president with Citibank exec after US downgrade
August 23, 2011, Tuesday
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THE president of Standard & Poor's will step down next month, to be replaced by a senior Citibank executive, an announcement coming only weeks after the rating agency's unprecedented move to strip the United States of its AAA credit rating.
S&P's parent, McGraw-Hill Companies Inc, said today that Deven Sharma, who has served as S&P president since 2007, would step down on September 12, to be succeeded by Citibank chief operating officer Douglas Peterson.
"S&P will continue to produce ratings that are comparable, forward looking and transparent," McGraw-Hill said in a statement, adding that Sharma would stay on as an adviser at the parent company until leaving at year-end.
Sharma, 55, "was ready for new challenges" after helping S&P separate its data, pricing and analytics business from its ratings business, McGraw-Hill said. The company unveiled that restructuring at S&P late last year.
McGraw-Hill's statement did not mention of the August 5 downgrade that sent shock waves through global financial markets and was sharply criticized by the Obama administration, which said the agency's analysis was fundamentally flawed. Other major rating agencies have maintained their AAA ratings on the US.
It also did not refer to recent reports that the Justice Department was investigating whether S&P improperly rated dozens of mortgage securities in the years leading up to the financial crisis in 2008. Those reports sent McGraw-Hill's shares tumbling last week.
The company said only that Sharma was eager to pursue other opportunities.
"S&P will continue to produce ratings that are comparable, forward looking and transparent," McGraw-Hill CEO Harold McGraw III said in announcing the leadership change at the agency.
S&P's parent, McGraw-Hill Companies Inc, said today that Deven Sharma, who has served as S&P president since 2007, would step down on September 12, to be succeeded by Citibank chief operating officer Douglas Peterson.
"S&P will continue to produce ratings that are comparable, forward looking and transparent," McGraw-Hill said in a statement, adding that Sharma would stay on as an adviser at the parent company until leaving at year-end.
Sharma, 55, "was ready for new challenges" after helping S&P separate its data, pricing and analytics business from its ratings business, McGraw-Hill said. The company unveiled that restructuring at S&P late last year.
McGraw-Hill's statement did not mention of the August 5 downgrade that sent shock waves through global financial markets and was sharply criticized by the Obama administration, which said the agency's analysis was fundamentally flawed. Other major rating agencies have maintained their AAA ratings on the US.
It also did not refer to recent reports that the Justice Department was investigating whether S&P improperly rated dozens of mortgage securities in the years leading up to the financial crisis in 2008. Those reports sent McGraw-Hill's shares tumbling last week.
The company said only that Sharma was eager to pursue other opportunities.
"S&P will continue to produce ratings that are comparable, forward looking and transparent," McGraw-Hill CEO Harold McGraw III said in announcing the leadership change at the agency.
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