Moody’s Corp. (MCO) has named former Pfizer Inc. (PFE) chairman and chief executive Henry A. McKinnell Jr. as its new chairman, following the rating and analytics company’s decision earlier this year to separate the roles of chairman and CEO.
Moody’s also said CEO Raymond McDaniel Jr. will also take on the title of president.
McKinnell had served on Moody’s board since the company went public in 2000, having joined from the board of Dun & Bradstreet Corp., Moody’s former parent company. McKinnell most recently served as Moody’s lead independent director.
After posting impressive earnings growth in the first two quarters of the year on strong issuance of corporate debt, Moody’s has been challenged amid concerns about sovereign debt in Europe and the U.S. and a sluggish global economy.
Last month, Moody’s posted a 30% drop in earnings in the fourth quarter and said performance is expected to progressively strengthen this year should positive signs in credit markets hold up. Shares slid by a penny to $41.21 after hours. The stock is up 22% so far this year.
Source: Dow Jones Newswires