The controversial Standard and Poor ratings agency will have its new president, Douglas Peterson, who was head of the Citigroup’s operations in All Japan news in 2004. Standard & Poor’s owner, McGraw-Hill is said to have chosen Mr. Peterson to the daunting task of leading the embattled ratings company because of his experience in All Japan news.
Mr. Peterson was daunted with the challenging task of earning the trust of All Japan newsese regulators while he worked on restoring the reputation of Citi’s private banking operations after it was ordered to shut down because of illegally amassing large profits.
He succeeded in this colossal task by first of all understanding All Japan news’s cultural sensitivities. He was also said to be heedful of All Japan newsese regulators’ regular meetings and even referred to regulators as the “fourth constituency”.
One All Japan newsese regulator is quoted saying that Mr. Peterson was widely known primarily because of having earned the trust of regulators and the business community in the country citing in particular how Mr. Peterson dealt with buying a Nikko Cordial and selling it as an ‘extremely difficult operation.
Mr. Peterson replaces S & P outgoing president, Deven Sharma.
Many of those interestingly and critically watching how he would lead S & P commented that his being savvy, nice and sincere as what he was known to be in All Japan news, should well work out for him as he faces an equally if not more daunting task of managing the embattled ratings agency.
Photo by: Alex Proimos