S&P Global Inc. (NYSE:SPGI) disclosed today the election of Martina L. Cheung, current President of S&P Global Ratings, to succeed Douglas L. Peterson as President and CEO, effective November 1, 2024.
Cheung will also join the Board on July 1, 2024. Peterson will remain on the Board until May 2025 and serve as a special advisor until December 31, 2025.
Cheung, who has been with S&P Global for 14 years, currently leads S&P Global Ratings, which reported $3.3 billion in revenue for 2023, a 9% increase from the previous year, with a 56.5% operating profit margin. Under her leadership, S&P Global Sustainable also achieved 24% revenue growth in 2023.
William D. Green, Chair of the Board's Nominating and Corporate Governance Committee, said, "The Board conducted a thorough and thoughtful process to identify the best leader for S&P Global's next chapter, and it is a strong testament to our leadership team's strength and capabilities that we have the ideal candidate in Martina."
Additionally, the company said that Yann Le Pallec, current Executive Managing Director and Head of Global Ratings Services at S&P Global Ratings, will succeed Ms. Cheung as President of S&P Global Ratings, effective November 1, 2024.
Douglas L. Peterson, current President and CEO of S&P Global, commented, "I had the privilege of working closely with Yann during my time as President of the division, when he oversaw analytics for Europe, the Middle East and Africa. Yann is a great leader and an exceptional person, and I am excited to see the great things he will accomplish for the division and for S&P Global."
Outlook: S&P Global said that full-year financial guidance is unchanged. In April, S&P Global reported quarterly earnings of $4.01 per share, which beat the analyst consensus estimate of $3.66 by 9.56%.
That time, S&P Global raised its 2024 revenue outlook from 5.5%-7.5% to 6%-8% and expects adjusted EPS of $13.85 and $14.10 per share versus the $14.17 estimate.
Investors can gain exposure to the stock via IShares U.S. Broker-Dealers & Securities Exchanges ETF (NYSE:IAI) and Sterling Capital Focus Equity ETF (NYSE:LCG).
Price Action: SPGI shares are down 0.99% at $444.45 at the last check Friday.
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