Martina L.
Cheung appointed President and Chief Executive
Officer
Douglas L.
Peterson to retire as CEO
Transition will occur on November 1, 2024; Mr. Peterson to remain with
Company as special advisor until December
31, 2025
NEW
YORK, June 27, 2024 /PRNewswire/ -- S&P
Global (NYSE: SPGI) announced today that its Board of Directors has
unanimously elected Martina L.
Cheung, S&P Global's current President of S&P Global
Ratings, to succeed Douglas L.
Peterson as the Company's President and Chief Executive
Officer, effective November 1, 2024.
Additionally, Ms. Cheung has been appointed as a member of the
Board, effective July 1, 2024. Mr.
Peterson will remain on the Board until May
2025 and be a special advisor to the Company until
December 31, 2025.
Ms. Cheung has held multiple leadership roles in her 14 years at
S&P Global. She currently leads S&P Global Ratings, which
realized $3.3 billion in annual
revenue for 2023, a 9% increase over the prior year, with 56.5%
full-year operating profit margin. Additionally, under her
leadership, S&P Global Sustainable1 had revenue growth of 24%
in 2023. Prior to her current roles, Ms. Cheung led S&P Global
Market Intelligence, during which time the division exceeded
$2 billion in annual revenue. She
also served as S&P Global's Chief Strategy Officer, responsible
for developing the Company's growth and innovation investment
priorities. Additionally, she was Head of Risk Services in S&P
Global Market Intelligence, helping clients navigate the complex
credit and risk landscape, and grew the business at a compound
annual growth rate of more than 9%. Ms. Cheung has been
instrumental in S&P Global's most significant mergers and
acquisitions, including the IHS Markit merger in 2022 and the SNL
Financial acquisition in 2015.
"On behalf of our entire Board, I am delighted to have a leader
of Martina's exceptional caliber become S&P Global's next
President and CEO," said Mr. Peterson. "As a long-standing member
of the Executive Committee, Martina has had a profound impact on
the evolution and growth of S&P Global. She is a tremendous
leader with deep operational expertise and unparalleled knowledge
of our business and the entire industry."
"The Board and I have had a robust succession process in place
for many years, and now is the ideal time for this transition. With
strong footholds in strategic growth areas spanning private
markets, sustainability, and the energy transition, as well as
leadership in artificial intelligence, we are optimally positioned
for the long term," Mr. Peterson continued. "The privilege of
leading S&P Global for the past 11 years has been the highlight
of my career. Martina has been critical to so much of this success,
and I am excited to support her as she leads us into the next phase
of growth and innovation."
"The selection of the CEO and ensuring a smooth and successful
transition is one of the Board's most important responsibilities,"
noted William D. Green, Chair of the
Board's Nominating and Corporate Governance Committee. "The Board
conducted a thorough and thoughtful process to identify the best
leader for S&P Global's next chapter, and it is a strong
testament to our leadership team's strength and capabilities that
we have the ideal candidate in Martina. We have the utmost
confidence in her as she steps into the President and CEO position,
and we look forward to working alongside her to deliver continued
results and value for our customers, employees, and
shareholders."
Joining in 2011 and serving as CEO since 2013, Mr. Peterson has
been integral to building the company S&P Global is today and
has overseen transformational growth. During his tenure as CEO, the
Company generated exceptional performance, with revenue growing
from $4.45 billion to $12.50 billion, adjusted diluted earnings per
share increasing from $2.75 to
$12.60, return of capital to
shareholders in the form of dividends and share repurchases
totaling more than $30 billion, and
the Company's market cap increasing from $16
billion to over $135 billion.
Further, Mr. Peterson oversaw important inorganic growth at the
Company, culminating in its landmark acquisition of IHS
Markit.
"Doug is a visionary leader who led the Company through
significant growth and success. We are very grateful for the
indelible mark he has made," said Richard
E. Thornburgh, Non-Executive Chairman of the Board. "During
his time as President and CEO, Doug led the evolution of our
Company from a diversified publishing holding company to a focused,
markets-oriented information services company. Anticipating the
most important trends in financial markets, he invested in
fast-growing areas, such as financial and sustainability data and
benchmarks, artificial intelligence, technology, and global
capabilities, while divesting slower growing, non-core businesses,
creating incredible shareholder value. Doug's legacy is truly
admirable."
"I am honored to be named S&P Global's next President and
CEO and proud to guide our business and our extraordinary people
across the globe," said Ms. Cheung. "Doug's vision and leadership
transformed S&P Global into the remarkable company it is
today. Doug has been an incredible leader for S&P Global and a
mentor to me personally. His legacy will be felt for years to come.
I'm glad we will continue working closely together on a seamless
transition for our shareholders, our customers, our people, and the
markets we serve."
Additionally, Yann Le Pallec, Executive Managing Director and
Head of Global Ratings Services at S&P Global Ratings, has been
appointed to succeed Ms. Cheung as President of S&P Global
Ratings, effective November 1, 2024.
The Company's full-year financial guidance is
unchanged.
About Martina L.
Cheung
Martina L. Cheung is President of
S&P Global Ratings. Ms. Cheung also serves as the Executive
Lead of S&P Global Sustainable1, responsible for driving the
enterprise-wide growth strategy for sustainability.
Ms. Cheung joined the Company in 2010 as Vice President of
Operations for S&P Global Ratings and went on to serve as
S&P Global's Chief Strategy Officer, where she was responsible
for developing the Company's growth and innovation investment
priorities. She was also Head of Risk Services in S&P Global
Market Intelligence, helping clients navigate the complex credit
and risk landscape. She most recently led S&P Global Market
Intelligence, and Ms. Cheung formerly served on the Board of
CRISIL.
Ms. Cheung is a member of the Council on Foreign Relations, the
Economic Club of New York, and
served on the U.S. Commodity Futures Trading Commission's (CFTC)
subcommittee on Climate-Related Market Risk. Ms. Cheung has spoken
on key industry topics covering technology, cyber security, energy
transition, and diversity in the workforce across public forums
that include the World Economic Forum at Davos and the Institute for International
Finance, among others.
In recognition of her industry-wide impact and leadership, Ms.
Cheung received the prestigious Merit Award from The Women's Bond
Club in 2022. She was also honored by INvolve on the 2023 Top 100
Women Executives and the 2024 top 100 Empower Executives lists. Ms.
Cheung was recognized at the 2022 Ascend A-List Awards for her
contributions to advancing Pan-Asian professionals. She was also
inducted into the Academy of Women Leaders by the YWCA New York
City in 2016.
Ms. Cheung is the S&P Global Executive Sponsor for the
Women's Initiative for Networking Success (WINS). Ms. Cheung serves
on the Board of Trustees for Catholic Charities New
York.
Prior to joining S&P Global, Ms. Cheung worked in the
consulting industry, first in Accenture's Financial Services
Strategy group and later as a Partner at Mitchell Madison
Consulting. She holds a Bachelor's Degree in Commerce and a
Master's Degree in Business Studies from National University of Ireland, Galway.
About Douglas L.
Peterson
Throughout his tenure as CEO of S&P Global, beginning in
2013, Douglas L. Peterson proved to
be a purpose-driven and highly effective leader. His vision to
drive growth in developed and emerging markets and to create new
products and services, leveraging his global experience in
financial services, capital markets, and risk management, has
transformed the Company.
Mr. Peterson devised a highly successful strategy, repositioning
the Company towards higher growth businesses, including early
adoption of artificial intelligence and sustainability data and
benchmarks, generating substantial shareholder value. In 2016, he
rebranded the Company to S&P Global reflecting its strong
heritage, clear vision and values, and leading market position.
When Mr. Peterson first joined S&P Global in 2011 as
President of the Company's credit ratings business, he quickly
established himself by delivering results and building strong
relationships across a wide range of constituencies. He rebuilt
trust in the ratings agency with policy makers, regulators,
investors, and other stakeholders following the financial crisis.
He also established a control, compliance, and governance framework
as the Company became more heavily regulated globally.
Before joining S&P Global, Mr. Peterson was the Chief
Operating Officer of Citibank, N.A., Citigroup's principal banking
entity that operates in more than 100 countries. His earlier roles
included CEO of Citigroup Japan, in addition to serving as
Citigroup's chief auditor, and leadership roles in Uruguay and Costa Rica.
In 2019, Harvard Business Review named Mr. Peterson one of the
100 best-performing CEOs in the world. That same year, S&P
Global was ranked 50th out of The Wall Street Journal's
Top 250 Best Managed Companies, and in 2021, S&P Global was
once again named to this prestigious list, coming in at number 30.
In 2023, Fortune ranked S&P Global number three on its Modern
Board 25 list. Doug has also been ranked the #1 CEO in the
Business, Education and Professional Services Sector by
Institutional Investor annually over the last five years.
Doug is a leading voice on sustainability issues. He chairs the
Bipartisan Policy Center's ESG Taskforce, and in 2021 he led a
workstream of the G7's Impact Taskforce on mobilizing private
capital for public good by advocating for globally consistent
standards to measure, value, and account for
sustainability.
Doug chairs the U.S. Japan Business Council and is a member of
the Boards of Directors of the Japan Society and National Bureau of
Economic Research. In addition, he serves on the Federal Deposit
Insurance Corporation's Systemic Resolution Advisory Committee, is
a member of the Business Roundtable, and a member of the UN Global
Compact Board. Doug is also a Trustee of Claremont McKenna College and the Paul Taylor Dance
Company.
About S&P Global
S&P Global (NYSE: SPGI) provides essential intelligence. We
enable governments, businesses and individuals with the right data,
expertise and connected technology so that they can make decisions
with conviction. From helping our customers assess new investments
to guiding them through sustainability and energy transition across
supply chains, we unlock new opportunities, solve challenges and
accelerate progress for the world.
We are widely sought after by many of the world's leading
organizations to provide credit ratings, benchmarks, analytics and
workflow solutions in the global capital, commodity and automotive
markets. With every one of our offerings, we help the world's
leading organizations plan for tomorrow, today.
Investor Relations:
Mark
Grant
Senior Vice President, Investor Relations
Tel: + 1 347 640 1521
Media:
Christina
Twomey
Global Head of Communications
Tel: +1 410 382 3316
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SOURCE S&P Global