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Indian-American Deven Sharma, the President of Standard and Poor’s, is stepping down by year-end, an announcement coming only weeks after the credit rating agency downgraded US credit rating.
The credit rating firm plans to announce Mr Sharma’s exit today before the markets open, The Wall Street Journal said late last night.
Mr Douglas Peterson, chief operating officer of Citigroup Inc.’s Citibank unit, will succeed Mr Sharma on September 12, the daily said.
According to the daily, Mr Sharma will remain at S&P through the end of the year in an advisory capacity, working with McGraw-Hill Cos. Chairman, President and Chief Executive, Mr Harold “Terry” McGraw III, as the company explores a separation of its education business.
Mr Harold “Terry” McGraw III is the current Chairman of US India Business Council (USIBC), the premier business advocacy organisation comprising top companies from the two countries.
Mr Sharma joined Standard & Poor’s in 2006 as Executive Vice-President, Investment Service and Global Sales.
Before joining Standard & Poor’s, he was Executive Vice-President, Global Strategy at McGraw-Hill Companies for five years.
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