Devan Sharma, the president of Standard & Poor is reportedly resigning. This came in the wake of the recent move by S&P to strip the United States of its AAA credit rating to AA+ for the first time in its history and saw most markets being affected by the move. Taking his place would be Douglas Peterson who is currently the Chief Operating Officer of Citbank N.A the banking arm of Citigroup.
According to the ratings agency, Sharma has been involved with the recent restructuring process of S&P that involved separating the data, pricing and analytics business from its ratings unit and has since decided to call it a day. However, there has been no updates or any developments of the company’s ‘controversial’ downgrade of the America’s credit rating which some claimed that Sharma’s resignation were influenced by a political backlash. He will leave by the end of the year.