Dec. 28 (Bloomberg) -- Vickie Tillman, once the No. 2 executive at Standard & Poor’s, is considering leaving its parent company, McGraw-Hill Cos., the Wall Street Journal said.
Tillman, head of global sustainability business development, is in discussions with her employer, the newspaper said, citing a person familiar with the matter it didn’t identify. Joanne Rose, who ran S&P’s structured-finance division from 1999 to 2008, will leave the company in January, the Journal said, citing anonymous sources.
The two would be the latest executives to leave or be reassigned since Douglas Peterson replaced Deven Sharma as head of the world’s largest ratings provider in September. Mark Adelson, chief credit officer, was reassigned to a research position this month and David Jacob, who replaced Rose as head of structured finance, is leaving this week.
Tillman and Rose didn’t immediately respond to e-mails and telephone calls seeking to confirm the report. Olayinka Fadahunsi, a spokesman for S&P, declined to comment.
Tillman oversaw the ratings business as executive vice president from 1999 to 2009. During that period, S&P contributed to the worst financial crisis since the Great Depression by engaging in a “race to the bottom” to inflate its grades of mortgage securities, a Senate panel said in April.
The Securities and Exchange Commission is investigating the top ratings S&P gave in 2007 to a collateralized debt obligation that was downgraded six months later, McGraw-Hill said in a regulatory filing in September.
Tillman defended the firm’s ratings of mortgage-backed securities at a congressional hearing in 2007. Rose was reassigned in 2008 to a job in risk management.
--Editors: Mitchell Martin
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