The ratings agency Standard & Poor’s said late on Monday that its president, Deven Sharma, who has become the public face of the firm in the wake of its historic downgrade on the United States’ long-term debt rating, will step down and leave the company by the end of the year.
The decision by Mr. Sharma to resign comes as the ratings agency is under pressure from several fronts, including an inquiry by the Justice Department into its ratings of subprime mortgage securities and a push by activist investors to break up its parent company, McGraw-Hill.
Mr. Sharma will be replaced by Douglas Peterson, a top executive at Citigroup, the company said on Monday.
The management change had been in the works for months and was unrelated to either the Justice Department’s inquiry or to the emergence of the activist investors, Jana Partners and the Ontario Teachers Pension Plan, according to people briefed on the matter.
Mr. Sharma, 55, will step down on Sept. 12, but will remain with the company through the end of the year to help oversee McGraw-Hill’s review of its businesses.
His replacement, Mr. Peterson, 53, is currently the chief operating officer of Citibank, the banking unit of Citigroup.
http://dealbook.nytimes.com/2011/08/22/s-p-president-to-step-down
