Deven Sharma a victim of US downgrade decision?
While Sharma himself did not elaborate on his exit, not everyone bought into the anodyne story of his leaving for other new challenges.
By TNN | Updated:
WASHINGTON: Harold McGraw III, the chief executive of McGraw-Hill, issued a statement on Monday announcing that S&P chief Deven Sharma was quitting.
“Today, S&P is a stronger company, whose 1,300 global analysts are sharply focused on the quality, independence and transparency of S&P’s research and analytics,” McGraw said.
The statement did not mention the August 5 US downgrade. Sharma, who was born in Dhanbad (his father B N Sharma was chairman of Bharat Coking Coal Ltd) and went to the US for higher studies, worked at Booz Allen Hamilton for 14 years before moving to McGraw-Hill in 2002, where he went on to head S&P in 2007.
His biggest public moment came earlier this month with the rating agency’s historic downgrade of US debt which, the agency, said was based on its scepticism about Washington policymakers being able to bridge their ideological differences in the push to rein in federal deficits.
While Sharma himself did not elaborate on his exit, not everyone bought into the anodyne story of his leaving for other new challenges.
“S&P and McGraw-Hill may not regret the downgrade, but the companies clearly regret how it was done. So, Sharma is on his way out, and Congressional leaders prepare to return from recess in early September to deal with America’s political and debt problem,” noted David Magee, an analyst with the International Business Times, suggesting that Sharma was a victim of the bold call he made.
“The system keeps working, as it did at S&P and McGraw-Hill. And that’s why Sharma is on his way out,” he added.
“Today, S&P is a stronger company, whose 1,300 global analysts are sharply focused on the quality, independence and transparency of S&P’s research and analytics,” McGraw said.
The statement did not mention the August 5 US downgrade. Sharma, who was born in Dhanbad (his father B N Sharma was chairman of Bharat Coking Coal Ltd) and went to the US for higher studies, worked at Booz Allen Hamilton for 14 years before moving to McGraw-Hill in 2002, where he went on to head S&P in 2007.
His biggest public moment came earlier this month with the rating agency’s historic downgrade of US debt which, the agency, said was based on its scepticism about Washington policymakers being able to bridge their ideological differences in the push to rein in federal deficits.
While Sharma himself did not elaborate on his exit, not everyone bought into the anodyne story of his leaving for other new challenges.
“S&P and McGraw-Hill may not regret the downgrade, but the companies clearly regret how it was done. So, Sharma is on his way out, and Congressional leaders prepare to return from recess in early September to deal with America’s political and debt problem,” noted David Magee, an analyst with the International Business Times, suggesting that Sharma was a victim of the bold call he made.
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“The system keeps working, as it did at S&P and McGraw-Hill. And that’s why Sharma is on his way out,” he added.
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