S&P chief resigns

Citibank chief operating officer Douglas Peterson will replace Sharma next month as Sharma continues with S&P’s in an advisory role until the end of the year.Standard & Poor’s had downgraded the US AAA credit rating. On Monday, S&P owner McGraw-Hill announced Sharma’s decision to pursue other opportunities amid reports that the justice department is investigating S&P regarding its rating for various mortgage securities leading up to the financial crisis, but claims Sharma’s resignation has no relation to the matter.McGraw-Hill said Monday that the search for a new S&P president has been going on since the firms split into two organizations S&P and McGraw-Hill Financial at the end of last year.