By IANS
Washington : Deven Sharma, a graduate of the Birla Institute of Technology (BITS), Pilani, has been named president of the financial research firm Standard and Poor’s by the parent company McGraw-Hill.
Sharma has served as executive vice president of the firm’s investment services and global sales division since last November and he replaces Kathleen Corbet, “who is stepping down from her position to pursue other opportunities”, the company said.
Sharma’s promotion comes amid widespread criticism of S&P’s role in the unfolding sub-prime mortgage crisis in the US.
Standard & Poor’s is the world’s foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data.
Sharma joins a select band of persons of Indian origin currently heading American companies. These include Indra Nooyi, chairman and CEO, PepsiCo ($33 billion in sales); Ramani Ayer, chairman and CEO, Hartford Financial Group, a $27-billion financial services co; Raj Gupta, chairman and CEO, Rohm & Haas, an $8-billion specialty materials company; and Vinod Gupta, CEO of InfoUSA, a $400 million company (formerly known as American Business Information).
“The continual expansion of the world’s capital markets presents enormous growth opportunities for Standard & Poor’s, and Deven’s strategic thinking and deep understanding of global financial markets will help us continue to identify and benefit from these opportunities,” said Harold McGraw, chairman and CEO of the parent company McGraw.
“Deven has made significant contributions to our growth and success since joining the Corporation as head of Global Strategy, and his appointment to lead S&P further strengthens our global growth management efforts and enhances the deep, talented and respected management team that exists across S&P’s global network.”
Sharma, 51, joined the Corporation in 2002 and has held a number of leadership positions within the company. He was highly influential in identifying and leading a number of the Corporation’s key acquisitions, including CRISIL, Capital IQ and J.D. Power and Associates.
Before joining The McGraw-Hill Companies in 2002, Sharma was a partner with Booz Allen Hamilton, the global management consulting company for 14 years. He also led the firm’s US marketing board and customer management initiatives group.
Besides a bachelor’s degree from BITS, Pilani, Sharma holds a master’s degree from the University of Wisconsin and a doctoral degree in business management from Ohio State University.