McGraw Hill Financial CEO Stepping Down

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McGraw Hill Financial is to welcome a new president and chief executive in a few months. The company announced that Terry McGraw III will no longer occupy the two positions as of November 1, although he will continue to serve as its board chairman.

His replacement is Douglas Peterson, a long-serving executive, who is currently president of one of the firm's key units, Standard & Poor's Ratings Services. Prior to his time at the company, Peterson worked at Citigroup in a number of domestic and international executive positions. He rose through the ranks to eventually become COO of Citibank.

According to an SEC filing made by McGraw Hill Financial, effective immediately, Peterson is to receive an annual base salary of $900,000, and an "annual target bonus opportunity" of $800,000 for this year. He will also be eligible for a longer-term bonus of $4 million.

The article McGraw Hill Financial CEO Stepping Down originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of Citigroup. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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