Deven Sharma steps down as S&P President

by CXO today staff    Aug 23, 2011

Devendra SharmaStandard & Poor’s (S&P) President, Deven Sharma will be stepping down by the end of the year. He was the first Indian born executive to occupy the top position at the credit rating agency.

S&P’s parent company, McGraw Hill, announced that Sharma will be replaced by current Citibank Chief Operating Officer Douglas Peterson.

“We are pleased to welcome Doug to the role of president of S&P as it continues to build on the enhancements of recent years and accelerates global growth. I want to thank Deven for his dedicated leadership of S&P,” said Harold McGraw III, Chief Executive of McGraw Hill.

Sharma will step down on September 12, but will remain with the company through the end of the year to help oversee McGraw-Hill’s review of its businesses.

According to S&P, the decision to replace Sharma took place over six months ago when the Board of Directors at McGraw-Hill decided to split the company into four divisions due to increasing pressure from investors.

Sharma was named president of S&P, the leading credit ratings company and a division of The McGraw-Hill Companies in 2007. He joined the firm in 2006 as Executive Vice President, Investment Services and Global Sales. Before joining S&P, he was Executive Vice President, Global Strategy at The McGraw-Hill Companies for five years.

Born in Dhanbad, Jharkhand, Sharma worked with manufacturing companies, Dresser Industries and Anderson Strathclyde. He joined Booz Allen Hamilton where he worked for 14 years and led its strategy, operations performance, sales and marketing, and global expansion engagements for service-, marketing- and information-intensive companies. He left the company as a partner and joined McGraw-Hill in 2002.

Sharma serves on the boards of CRISIL, The US-China Business Council and Asia Society Business Council.