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S&P President Sharma To Step Down

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S&P President Sharma To Step Down

Business

S&P President Sharma To Step Down

S&P President Sharma To Step Down

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  • <iframe src="https://www.npr.org/player/embed/139870187/139870170" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Devin Sharma apparently had been planning to resign for awhile. But the announcement comes only weeks after the rating agency's unprecedented move to strip the U.S. of its AAA credit rating. Sharma will be replaced by an executive from Citigroup.

RENEE MONTAGNE, host:

NPR's business news starts with a shakeup at S&P.

(Soundbite of music)

MONTAGNE: The president of Standard & Poor's is stepping down. Deven Sharma apparently has been planning to resign for a while, but his announcement comes at a sensitive time for the credit-rating agency. It still faces criticism for its decision earlier this month to downgrade the debt of the U.S. government.

S&P is also being investigated by the government for the way it rated subprime mortgage securities in the years leading up to the financial crisis. Sharma will be replaced by an executive from Citigroup.

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