Moody´s Investors Service, the credit rating agency unit of Moody´s
Corporation (NYSE: MCO), announced today the appointment of Michel
Madelain as Chief Operating Officer with overall responsibility for
managing the day-to-day operations of the ratings business.
Michel Madelain (52), who currently serves as Executive Vice President
in charge of the Global Fundamental Ratings business, will continue to
be based in London, reflecting the increasingly global nature of Moody´s
business.
Brian Clarkson (52), who most recently served as President and COO of
Moody´s Investors Service, has announced that he will retire after
nearly two decades of service. Mr. Clarkson will remain at Moody´s
until the end of July to ensure a smooth transition.
"Michel has served the company in a variety of
key roles in both the U.S. and Europe over the years, and he brings to
his new post a deep insight into both the U.S. and global capital
markets," said Raymond W. McDaniel Jr.
Chairman and Chief Executive Officer, Moody´s
Corporation. "His expertise and leadership
will help us build on the positive changes we´ve
been making as we continue working to address challenges in the global
credit markets."
"I also appreciate the many contributions
that Brian has made during his long career at Moody´s
but understand his desire to retire from the company at this time and
wish him well in the years ahead," Mr.
McDaniel continued.
Mr. Madelain said, "Moody´s has undertaken a
number of significant initiatives over the past year to enhance the
quality of our analysis and further improve the usefulness of our credit
ratings to investors. I am eager to work closely with Ray and the rest
of the leadership team to expand on those efforts, while also helping
the company navigate the difficult market conditions in which Moody´s is
operating."
"It has been a privilege for me to spend the
past two decades working with the exceptional people of Moody´s, and I
am proud of the great strides the company has made during that time," said Mr. Clarkson. "I feel the time is right
for new leadership to drive forward the changes we´ve
been making in recent months, and I am confident that Moody´s and its
people will continue to build on their strong leadership position."
Mr. Madelain most recently served as Executive Vice President of
Fundamental Ratings at Moody´s Investors
Service, with responsibility for all global company and government
ratings, including corporate finance, financial institutions, public
finance and infrastructure finance. Previously, he was Senior Managing
Director with responsibility for global banking. Prior to this position
Mr. Madelain managed Moody´s corporate ratings in Europe, Middle East
and Africa and held several Managing Director positions in the U.S. and
the U.K. Prior to joining Moody´s in 1994, Mr. Madelain was a Partner in
Ernst & Young´s Auditing Practice.
About Moody´s Corporation
Moody´s is an essential component of the global capital markets
providing credit ratings, research, tools and analysis that contribute
to transparent and integrated financial markets. Moody´s Corporation
(NYSE: MCO) is the parent company of Moody´s Investors Service, which
provides credit ratings and research covering debt instruments and
securities, and Moody´s Analytics, encompassing the growing array of
Moody´s non-ratings businesses including Moody´s KMV, a provider of
quantitative credit analysis tools, Moody´s Economy.com, which provides
economic research and data services, and Moody´s Wall Street Analytics
a provider of software for structured finance analytics. The
Corporation, which reported revenue of $2.3 billion in 2007, employs
approximately 3,500 people worldwide and maintains a presence in 29
countries. Further information is available at www.moodys.com.
