His replacement is coming from Citibank, the original Wall Street freeloader.
The president of Standard & Poor's is stepping down, an announcement coming only weeks after the rating agency's unprecedented move to strip the United States of its AAA credit rating.
The McGraw-Hill Cos., the parent of S&P, said late Monday that Deven Sharma will be replaced by Douglas Peterson, now the chief operating officer of Citibank N.A., Citigroup Inc.'s chief banking arm.
Sharma, 55, "was ready for new challenges" after helping S&P separate its data, pricing and analytics business from its ratings business, McGraw-Hill said in a statement. The company unveiled that restructuring at S&P late last year.
