Ratings agency Standard and Poor's announced that Deven Sharma will leave the company by the end of the year. The company's Indian-origin President was at the helm of affairs when S&P downgraded the United States' credit rating. Taking Sharma's place will be Citibank Chief Operating Officer Douglas Peterson, 53, who will become President of Standard & Poor's effective B 12 th September. Sharma joined Standard & Poor's in 2006 as Executive Vice-President, Investment Services and Global Sales, and was named President in 2007.