New York—The board of McGraw Hill Financial has elected Douglas Peterson as president-CEO effective Nov. 1. Peterson, currently president of the company's Standard & Poor's Ratings Services, has also become a member of McGraw Hill Financial's board.
Peterson will succeed Harold “Terry” McGraw III, currently McGraw Hill Financial's chairman and president-CEO, who will turn 65 next month. McGraw will continue as chairman when Peterson takes the helm in November.
Peterson, who joined Standard & Poor's as president in September 2011, was previously COO of Citibank. A search for his successor is underway, McGraw Hill Financial said in a statement.
McGraw, a member of the board since 1987, became president-COO of McGraw Hill Financial's predecessor, McGraw-Hill Cos., in 1993. He became CEO in 1998 and added the title of chairman in 1999. McGraw initiated and executed the split of McGraw-Hill Cos. into McGraw-Hill Education, which was sold to investment funds affiliated with Apollo Global Management for $2.4 billion in March, and McGraw Hill Financial, the publicly traded company that adopted a new name and New York Stock Exchange ticker symbol (MHFI) on May 1.