Deven Sharma, Head of S&P, Stepping Down

November 1, 2011 by · Leave a Comment
Filed under: Financial Crisis, General 

The parent company of Standard & Poor’s (S&P), McGraw-Hill Cos., announced that Deven Sharma, president of S&P, will be replaced by Douglas Peterson. Mr. Peterson is currently the Chief Operating Officer of Citibank N.A. Prior to that position, Mr. Peterson was CEO of Citigroup Japan.

While with Citigroup, Mr. Peterson established a reputation as a leader who is able to handle government scrutiny, improve business standards, and repair damaged reputations.

Mr. Sharma will be staying with the company as an advisor until the end of the year. The reason given for the change is that Mr. Sharma, who joined the company in 2006, is “ready for new challenges.”

During his tenure, Mr. Sharma separated S&P’s data, pricing and analytics business from its rating business. No mention was made in the announcement about how S&P downgraded the U.S. debt under Mr. Sharma’s watch, a move that was stridently criticized by the administration and was not followed by the other two major ratings agencies. Nor was there any mention of the ongoing Justice Department’s investigation into whether S&P improperly rated mortgage-backed securities while Mr. Sharma was president.

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