MCGRAW Hill Financial said yesterday that Douglas Peterson will replace chief executive Harold (Terry) McGraw, who will step down after reaching the mandatory retirement age of 65.
McGraw, the great-grandson of the founder of the 125-year-old company, will continue as chairman after relinquishing the chief executive post on 1 November.
Peterson is currently president of the company’s Standard & Poor's ratings business, which is being sued by the US government for $5bn (£3.3bn) for allegedly defrauding investors by inflating credit ratings prior to the global financial crisis.
McGraw, who has been CEO for 15 years, was responsible for the breakup of the company that included the sale of its TV stations in 2011 and its textbook business this year.
The company’s name was changed from McGraw Hill Cos in May.
City A.M. Reporter