Moody’s Corporation (NYSE: MCO) announced today that its board of directors has elected its lead independent director, Henry A. McKinnell, Jr., PhD, as Chairman of the Board. This follows the board’s decision earlier this year to separate the roles of Chairman and CEO. The board also elected CEO Raymond McDaniel, Jr. to the new position of President of Moody’s Corporation. As President and CEO, Mr. McDaniel will continue to serve as a member of the board.
Dr. McKinnell has been on Moody’s board since the company went public in 2000, having joined from the board of Dun & Bradstreet Corporation, Moody’s former parent company.
“The decision to separate the Chairman and CEO roles follows last year’s advisory vote by shareholders recommending that, whenever possible, the Chairman should be independent,” said Dr. McKinnell. “Ray McDaniel has provided exceptional leadership to Moody’s during his tenure as Chairman, and I look forward to his continued strong leadership as President and CEO of the Corporation, and as a member of the board.”
“I am pleased that Hank McKinnell has agreed to become our Chairman and will continue to provide independent guidance, as he has for the past five years as lead independent director,” said Raymond McDaniel, Jr., President and CEO of Moody’s. “His extensive business experience and perspectives on corporate governance are strong assets to the board and will continue to serve Moody’s well.”