Standard & Poor’s (S&P) President Deven Sharma resigns, Douglas Peterson to replace

By on Aug 23, 2011 in Business, Finance, United States Comments

Standard & Poor’s (S&P) announced on Monday, August 22, 2011 that its president, Deven Sharma resigned from his post and Douglas Peterson will be replacing him.

Deven Sharma file photo
Image Credit: AP

According to a press release by McGraw-Hill Companies on its official website, Deven Sharma‘s resignation will be effective September 12, 2011, which came after the controversial US credit rating downgrade.

However, Mr. Sharma was noted to be still taking special assignment working until the end of the year, with Mr. Peterson as the current Citibank N.A. chief operating officer, to replace him.

“We are pleased to welcome Doug to the important role of president of Standard & Poor’s as it continues to build on the enhancements of recent years and accelerates global growth, differentiating itself as a leading provider of credit risk benchmarks across all asset classes.” McGraw-Hill Companies chairman, president and chief executive officer Harold McGraw III said on the report.

Doug is a seasoned executive with more than 25 years of global experience in financial services, risk management and capital markets.” McGraw added, noting that he is also thankful to Sharma in his service in the company.

“It has been a privilege to serve as the president of S&P and I am proud of what we as an organization have achieved over the past four years.” Deven Sharma was quoted on the report.

“As McGraw-Hill continues its portfolio review, I will work closely with Terry and the leadership team to find ways to create even more shareholder value.” Sharma added.

Sharma, 55, joined Standard & Poor’s, a division of McGraw-Hill Companies, in 2006 as Executive Vice President, Investment Services and Global Sales, and was named President in 2007.

Meanwhile, Peterson, 53, who was the chief auditor of Citigroup from 2001 to 2004 and the CEO of Citigroup Japan from 2004 to 2010, said he is tremendously excited to join S&P.

“It is an organization with a long history and strong commitment to serving investors.” Peterson said on the announcement, noting that he is looking forward to lead the S&P team.

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