Moody's Clarkson Announces Retirement

Moody's Investors Service Wednesday announced that Brian Clarkson, president and chief operating officer, will step down as COO immediately and retire at the end of July.

He will be replaced by current executive vice president in charge of the global fundamental ratings business, Michel Madelain, who will oversee the daily operations of the rating agency.

Moody's is in the process of assigning global ratings to municipal credits in the midst of a lively discussion about whether municipal bond ratings should be changed to reflect their default ratings as compared to other fixed income asset classes. It is not clear whether Clarkson's resignation will affect these efforts.

Clarkson leaves Moody's after nearly two decades of work in which he vastly expanded the rating agency's position in the structured finance arena and oversaw a dramatic increase in its share price.

 

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER