- Push-out Score determined
- After almost 16 years in the position
- Accolades, praise and thanks for McDaniel
- Rob Fauber taking over
- McDaniel will remain as non-executive Chairman at Moody’s
- McDaniel spoke at length and said 144 words
(exechange) — New York, October 22, 2020 — Ray McDaniel, chief executive of Moody’s, leaves his position. As announced by Moody’s Corp. in a news release and in a regulatory filing published on Thursday, October 22, 2020, Raymond W. (Ray) McDaniel leaves his post as chief executive officer at the financial services company after almost 16 years in the role, effective December 31, 2020.
It is the end of an era.
Ray McDaniel’s duties as CEO will be taken over by Robert (Rob) Fauber, currently Chief Operating Officer of Moody’s Corp.
“The result of a thoughtful and deliberate planning process”
Ray McDaniel’s departure from the CEO post is explained as follows. Henry A. McKinnell, Jr., PhD, who has served as the Chairman of Moody’s since 2012, said: “Today’s announcement is the result of a thoughtful and deliberate planning process that will allow Rob to move seamlessly into his new role as CEO.”
McDaniel will remain as non-executive Chairman at Moody’s
“Mr. McDaniel will remain on the Moody’s Board of Directors, where he will assume the role of non-executive Chairman, effective January 1, 2021,” Moody’s said.
“Retire”
Moody’s said: “Raymond McDaniel, Jr. will retire as President and Chief Executive Officer on December 31, 2020 after nearly 34 years of service to the company, including more than 15 years as CEO.”
Share price increase since October 2019
The announcement follows an increase in Moody’s Corp.’s share price of 38% since October 2019.
In the position of CEO since 2005
Ray McDaniel became CEO of the Company in 2005.
Raymond W. McDaniel, Jr. has served as the Company’s President and Chief Executive Officer since April 2012, and served as the Chairman and Chief Executive Officer from April 2005 until April 2012.
He currently serves on the Executive Committee of the Board of Directors.
McDaniel served as the Company’s President from October 2004 until April 2005 and the Company’s Chief Operating Officer from January 2004 until April 2005.
He has served as Chief Executive Officer of Moody’s Investors Service since October 2007. He held the additional titles of President from November 2001 to August 2007 and December 2008 to November 2010 and Chairman from October 2007 until June 2015.
McDaniel served as the Company’s Executive Vice President from April 2003 to January 2004, and as Senior Vice President, Global Ratings and Research from November 2000 until April 2003.
He served as Senior Managing Director, Global Ratings and Research, of Moody’s Investors Service from November 2000 until November 2001 and as Managing Director, International from 1996 to November 2000.
McDaniel currently is a director of John Wiley & Sons, Inc. (2005-present) and a member of the Board of Trustees of Muhlenberg College (2015-present).
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Moody’s and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2020 ($).