Deven Sharma to quit as S&P president

Sharma will take on a special assignment working on S&Ps strategic portfolio review.

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Ratings agency Standard and Poors today announced that Deven Sharma,the companys Indian-origin president who was at the helm of affairs when S&P downgraded the US credit rating,will leave the firm by the end of the year.

Taking Sharmas place will be Citibank Chief Operating Officer Douglas Peterson,53,who will become President of Standard & Poors effective September 12.

Sharma,55,will take on a special assignment working on S&Ps strategic portfolio review until the end of the year,when he will leave the company to pursue other opportunities, S&Ps parent company McGraw Hill said here. Sharma joined S&P in 2006 as executive vice-president,Investment Services and Global Sales,and was named president in 2007. Before joining S&P,he was executive vice-president,Global Strategy,at The McGraw-Hill Companies for five years. Announcing the change,McGraw-Hill Companies chairman,president and CEO Harold McGraw said he had turned to Sharma four years ago during one of the most difficult times facing S&P in the midst of the financial crisis.

Sharma said,It has been a privilege to serve as the President of S&P and I am proud of what we as an organisation have achieved over the past four years. As McGraw-Hill continues its portfolio review,I will work closely with the leadership team.