Moody’s Announces Leadership Succession
Moody’s Corporation (NYSE:MCO) announced today that Raymond McDaniel, Jr. will retire as President and Chief Executive Officer on December 31, 2020 after nearly 34 years of service to the company, including more than 15 years as CEO. Mr. McDaniel will remain on the Moody’s Board of Directors, where he will assume the role of non-executive Chairman, effective January 1, 2021.
The Board of Directors unanimously elected Robert Fauber, the current Chief Operating Officer (COO), as President and CEO of Moody’s, effective January 1, 2021. Mr. Fauber will also join the company’s Board, effective immediately.
Henry A. McKinnell, Jr., PhD, who has served as the Chairman of Moody’s since 2012, will remain on the Board as a Director.
“Moody’s has never been in a stronger position, and as the company continues its evolution as a trusted global provider of risk assessments, now is the right time for this transition to take place,” said Mr. McDaniel. “Rob’s impressive track record of achievements during his 15 years at Moody’s and deep understanding of our core businesses and the needs of our customers make him the ideal leader to take Moody’s forward. He is uniquely suited to maximize Moody’s strengths and position the company for continued growth in the years ahead.”
Mr. Fauber, 50, was appointed COO in 2019 to drive strategic initiatives at the company. In that role, he has overseen both Moody’s Investors Service (MIS) and Moody’s Analytics (MA), as well as Strategy and Marketing for Moody’s Corporation (MCO). Mr. Fauber previously served as President of MIS, Head of the MIS Global Commercial Group and as Head of Corporate Development for MCO. He joined Moody’s in September 2005.
“Today’s announcement is the result of a thoughtful and deliberate planning process that will allow Rob to move seamlessly into his new role as CEO,” Dr. McKinnell said. “Over many years, the Board and I have come to know Rob as a strategic, innovative and results-oriented leader. He has made outstanding contributions to Moody’s, and the Board has complete confidence in his ability to lead the company to new heights.”
“On behalf of the entire Board, I want to thank Ray for his invaluable leadership over the course of his exceptional career,” Dr. McKinnell added. “With Ray as CEO, Moody’s has experienced the strongest growth in its history. Ray grew Moody’s core ratings and research business globally, expanded its international presence, built its data and analytics businesses, and introduced a number of new products and services. Ray has positioned Moody’s well for continued growth and success, and we look forward to continuing to work with him in his role as Chairman.”
Mr. McDaniel, 62, has served as Moody’s Chief Executive Officer since April 2005, first as Chairman and CEO and as President and CEO since April 2012. Since joining Moody’s as a Senior Analyst in 1987, Mr. McDaniel has held a series of senior positions at the company, including President of MIS and Chief Operating Officer of MCO. He was appointed to the Board in April 2003.
“I am extremely grateful to have found a home at Moody’s over the past three decades and to have worked with so many talented and dedicated colleagues along the way,” said Mr. McDaniel. “It has been a privilege to lead Moody’s as it has grown to serve even more customers globally and bring clarity to an increasingly complex, interconnected world.”
Mr. Fauber said, “It is an honor to have the opportunity to lead Moody’s and to build on Ray’s accomplishments. I thank Ray for his mentorship and support and look forward to working with the Board and the entire Moody’s team to provide trusted insights and standards to help decision-makers act with confidence.”
About Robert Fauber
Mr. Fauber has served as Moody’s Chief Operating Officer since 2019. He served as President of Moody’s Investors Service, Inc. from 2016 to 2019 and as Head of the MIS Global Commercial Group from 2013 to 2016. Mr. Fauber was Head of Corporate Development for Moody’s Corporation from 2005 to 2013. Prior to Moody’s, he served in several roles at Citigroup and its investment banking subsidiary Salomon Smith Barney.
About Raymond McDaniel, Jr.
Mr. McDaniel has served as Moody’s President and Chief Executive Officer since 2012 and served as Chairman and Chief Executive Officer from 2005 until 2012. Mr. McDaniel previously served in a variety of roles, including as Moody’s President, Chief Operating Officer, Head of Global Ratings and Research for MIS, and Managing Director, International. He is a director of John Wiley & Sons, Inc. and a member of the Board of Trustees of Muhlenberg College.
About Moody’s Corporation
Moody’s (NYSE:MCO) is a global risk assessment firm that empowers organizations to make better decisions. Its data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions, and fair access to information open the door to shared progress. With over 11,200 employees in more than 40 countries, Moody’s combines international presence with local expertise and over a century of experience in financial markets. Learn more at moodys.com/about.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Potential sale of HSBC SFH (France): Signing of a Memorandum of Understanding18.6.2021 15:30:00 CEST | Press release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION HSBC Continental Europe (‘HBCE’) has today signed a Memorandum of Understanding (‘MOU’) with Promontoria MMB SAS (‘My Money Group’), its subsidiary Banque des Caraïbes SA (the ‘Purchaser’) and My Money Bank (‘MMB’), regarding the potential sale of HBCE’s retail banking business in France. My Money Group, MMB and the Purchaser are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P. The potential sale includes: HBCE’s French retail banking business; the Crédit Commercial de France (‘CCF’) brand; and, subject to the satisfaction of relevant conditions, HBCE’s 3% ownership interest in Crédit Logement, its 100% ownership interest in HSBC SFH (France) (‘HSFH’), and the transfer of rights and obligatio
UFC® Names Lumen® the Official Metabolic Tracker of the UFC Performance Institute18.6.2021 15:30:00 CEST | Press release
UFC®, the world’s premier mixed martial arts organization, has named Lumen® the Official Metabolic Tracker of the UFC Performance Institute®. To launch the new partnership, select UFC athletes will be using Lumen as a tool to optimize their performance under the guidance of the nutrition team at the UFC Performance Institute (UFC PI). These athletes will have access to real-time metabolic data to help improve their nutrition, performance, and body composition through optimizing their metabolic health and flexibility. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210618005278/en/ Dustin Poirier and Lumen (Photo: Business Wire) “The UFC PI strives to support athletes in fueling their body to achieve championship performances while also maintaining optimal health, all while meeting the weight management demands of mixed martial arts,” said Clint Wattenberg, UFC PI Director of Performance Nutrition. “Metabolic health and metabo
Sale of Retail Banking Business in France18.6.2021 15:30:00 CEST | Press release
HSBC Continental Europe (‘HBCE’) has today signed a Memorandum of Understanding (‘MOU’) with Promontoria MMB SAS (‘My Money Group’), its subsidiary Banque des Caraïbes SA (the ‘Purchaser’) and My Money Bank (‘MMB’), regarding the potential sale of HBCE’s retail banking business in France. My Money Group, MMB and the Purchaser are under the control, directly or indirectly, of funds and accounts managed or advised by Cerberus Capital Management L.P. Commenting on the Potential Transaction, Jean Beunardeau, HBCE CEO said: “This potential transaction is an important step towards achieving our strategic goal of being a leading wholesale bank in Continental Europe for Corporate and Investment Banking, Markets and Private Banking, anchored in Paris, connecting our customers to HSBC’s global network, and providing access to Continental Europe for HSBC’s customers around the world. As importantly, this potential transaction would allow HSBC’s French retail banking business to be sold to an expe
Hilton Doubles Down on Las Vegas Growth with Rapidly Expanding Portfolio and Grand Return to the Strip18.6.2021 15:07:00 CEST | Press release
After revolutionizing the Las Vegas hospitality experience decades ago, Hilton is building on its storied legacy in time for the return to travel by almost doubling its presence in the sought-after global destination over the past three years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210618005335/en/ Resorts World Las Vegas – Exterior (Photo: Business Wire) The company is slated to have more than 30 hotels and over 11,000 rooms across 12 brands in the market by the end of 2021. On the heels of Virgin Hotels Las Vegas, CurioCollection by Hilton’s June opening celebration, and just weeks before the anticipated debut of Conrad Hotels & Resorts, LXR Hotels & Resorts and Hilton Hotels & Resorts at the integrated Resorts World Las Vegas complex, Hilton is making an epic return to this top-tier travel destination, bringing new premium and luxury brands to the Strip. “Hilton helped create the Las Vegas we know today – the ente
Toshiba's Chairperson of the Board of Directors Issues Open Letter to Its Shareholders18.6.2021 11:06:00 CEST | Press release
Toshiba Corporation (TOKYO:6502) today announced that Osamu Nagayama, Chairperson of Toshiba’s Board of Directors, has issued an open letter to the company's shareholders. The full text of the letter is as follows: Dear Shareholders As the Chairperson of the Board of Directors of Toshiba Corporation ("Toshiba", the "Company"), I would like to express my deep regret regarding recent unacceptable events at the Company which have eroded your trust in us. You would have seen that we have already taken decisive and immediate action following the release of the Investigation Report, amending the slate of nominees for directors, committee members and executive officers ahead of the upcoming AGM on June 25. I, together with the Board, am fully committed to ensuring we improve your Company's governance fundamentally and enhance its corporate value. United, we shall be taking the following concrete steps with urgency: In order to stop recurrence, we will conduct an inquiry, with third party part
ISAE-SUPAERO Launches an App to Measure the Climate Impact of Aviation18.6.2021 10:30:00 CEST | Press release
While a referendum to include environmental protection in the Constitution could be held by the end of Emmanuel Macron's five-year term, climate protection initiatives are multiplying. To contribute to the debate, ISAE-SUPAERO is launching CAST: an innovative app that allows everyone to assess the climate impact of aviation by including all phases of the life cycle. A unique app that highlights the real carbon impact of aviation Thomas Planès, a doctoral student at ISAE-SUPAERO, has been working on this project for over a year as part of the CEDAR (*) eco-design research chair. Today, his research has resulted in a modeling tool that takes the form of an open access app. The CAST (Climate and Aviation - Sustainable Trajectories) tool allows anyone to estimate the impact that air transport will have on the climate up to 2050, depending on variables such as traffic volume, fuel consumption per passenger-kilometer, or the decarbonization of the fuel used. In addition to CO2 emissions, it
Ferrari Selects AWS as its Official Cloud Provider to Power Innovation on the Road and Track18.6.2021 08:30:00 CEST | Press release
Today, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), announced that it has entered into an agreement with Ferrari S.p.A. to become their Official Cloud, Machine Learning, and Artificial Intelligence Provider. Together, the companies will accelerate the pace of innovation across the entire Ferrari organization, including their road cars department, GT Competitions, the Ferrari Challenge, and the Scuderia Ferrari FORMULA 1 (F1) team. Ferrari will use AWS’s breadth and depth of services and proven global infrastructure, including the AWS Europe (Milan) region, to streamline design and testing of its cars, giving customers the most exciting driving experiences possible. In addition, Scuderia Ferrari will leverage AWS to launch a digital fan engagement platform, via its mobile app, to engage hundreds of millions of fans worldwide with exclusive, personalized content. This press release features multimedia. View the full release here: https://www.businesswire.c