Weeks after Standard & Poor's downgraded the US, the rating agency's president Deven Sharma (in picture) announced he will step down from the helm of the company. Sharma will continue to be an adviser to the S&P owner, McGraw-Hill, until the end of the year.

He will be replaced as S&P president by Douglas Peterson, chief operating officer of Citibank, the banking unit of Citigroup.

Standard & Poor's downgraded the US credit on August 5, which has led to market volatility across the globe.

According to international media, Sharma's leave is not connected to the downgrade or to reports that S&P is being investigated over the ratings of dozens of mortgage securities in the years prior to the financial crisis.

Read full article in the Financial Times here.

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(photo source: The New York Forum)