Indian-American Deven Sharma, the president of Standard and Poor's, is stepping down by year end, an announcement coming only weeks after the credit rating agency downgraded American credit rating.
The credit-rating firm plans to announce Sharma's exit on Tuesday before the markets open, The Wall Street Journal said late Monday night.
Douglas Peterson, chief operating officer of Citigroup Inc.'s Citibank unit, will succeed Sharma on September 12, the daily said.
According to the daily, Sharma will remain at S&P through the end of the year in an advisory capacity, working with McGraw-Hill Cos. chairman, president and chief executive Harold "Terry" McGraw III as the company explores a separation of its education business.
Harold "Terry" McGraw III is the current chairman of US India Business Council (USIBC), the premier business advocacy organization comprising of the top companies from the two countries.
Sharma joined Standard & Poor's in 2006 as executive vice president, Investment Service and Global Sales.
Before joining Standard & Poor's, he was executive vice president, Global Strategy at The McGraw-Hill Companies for five years.