S&P President Steps Down Weeks After US Downgrade

Devan Sharma

[credit provider=”Bloomberg”]

Standard & Poors President Deven Sharma will leave the company at the end of this year, FT is reporting, weeks after the company became the target of intense criticism over its decision to downgrade the United States federal government.Sources tell FT that Sharma’s departure is not tied to the fallout from the downgrade or the Department of Justice’s investigation into the rating agency’s actions in the years leading up to the financial crisis.

The board of McGraw-Hill, which owns S&P, appointed Citibank COO Douglas Peterson to replace Sharma, who had held the post since 2007.

Read the full report at FT: