23/08/2011
Standard & Poor's to replace head
The president of Standard & Poor’s, Deven Sharma, will be leaving the business. He will be replaced by a director from the Citigroup bank, McGraw-Hill, the parent company of the ratings agency which recently lowered its rating of the United States, announced on 22 August. Douglas Peterson, 53, director of operations at Citibank, the umbrella entity for banking activities for the US Citigroup, will take over as head of Standard & Poor’s on 12 September, a statement says. Sharma, 55, will concentrate on overhauling the McGraw-Hill group’s strategy by the end of this year, and then will leave the business. “As we announced at the end of last year, Standard & Poor’s has been divided into two distinct organisations: S&P, which includes our credit ratings services, and McGraw-Hill Financial,” which includes analysis, financial data and market index activities, Harol McGraw, president and CEO of the group which bears his name, explained. “Deven helped us to create two high-growth segments, and was ready for new challenges after that. We have thus begun the search for a new director for S&P,” he added.
