Credit rating firm Standard & Poor will have a new president by September as Deven Sharma announces his decision to step down from his position by September 12, 2011.
He will be replaced by current CEO of Citibank, Douglas Peterson. However, Sharma will remain with the company until the end of the year to handle the review of S&P’s parent company, McGraw-Hill.
In a statement, Harold McGraw III, McGraw-Hill’s chief executive, says, “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. As we welcome Doug, I particularly want to thank Deven for his dedicated leadership of S&P.”
The decision to step down is said to have been made before the downgrade of the US debt earlier this month which caused much criticism from analysts and investors. Currently, the company is facing an inquiry by the U.S. Justice Department regarding the firm’s ratings criteria for subprime mortgage securities.