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Monday
Aug222011

S&P President Deven Sharma Resigns; Citibank Exec to Replace Him

Jay Mallin/Bloomberg via Getty Images(NEW YORK) -- Deven Sharma, president of Standard & Poor's, the rating company that downgraded the U.S. AAA credit rating, setting off weeks of volatility in the global markets, has resigned.

On Monday, S&P owner McGraw-Hill announced Sharma's decision to "pursue other opportunities" amid reports that the Justice Department is investigating S&P regarding its rating for various mortgage securities leading up to the financial crisis, but claims Sharma's resignation has no relation to the matter, according to the Financial Times.

Citibank chief operating officer Douglas Peterson will replace Sharma next month as Sharma continues with S&P in an advisory role until the end of the year.

McGraw-Hill said Monday that the search for a new S&P president has been going on since the firm's split into two organizations -- S&P and McGraw-Hill Financial -- at the end of last year.

"Deven assisted us with the creation of these two high- growth segments and was then ready for new challenges.  Accordingly, we began a process to identify a new leader for S&P," McGraw-Hill stated in a release Monday.

McGraw-Hill appointed Sharma S&P president in 2007.

Copyright 2011 ABC News Radio

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    S&P President Deven Sharma Resigns; Citibank Exec to Replace Him - Business News - ABC News Radio

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