NEW YORK (AP) -- The president of Standard & Poor's is stepping down, an announcement coming only weeks after the rating agency's unprecedented move to strip the United States of its AAA credit rating.
The McGraw-Hill Cos., the parent of S&P, said late Monday that Deven Sharma will be replaced by Douglas Peterson, now the chief operating officer of Citibank N.A., Citigroup Inc.'s chief banking arm.
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 in a statement. The company unveiled that restructuring at S&P late last year. Peterson, 53, will take over the helm of S&P starting Sept. 12.
- 2009-2011: Citigroup receives $476B in bailout money (the most of any bank)
- Aug 5, 2011: S&P downgrades US debt rating
- Aug 10: Obama investigates S&P (but not Moody's or Fitch)
- Aug 23: Head of S&P stepping down
- Sep 12: VP of Citigroup to be head of S&P
How independent do you think the S&P will be now? Wait for this headline:
- Nov 1, 2012: S&P upgrades US debt rating
No comments:
Post a Comment