Moody's COO to retire

Brian Clarkson, president and chief operating officer (COO) of Moody's Investors Service, will retire at the end of July. He will be replaced as COO by Michel Madelain.

Madelain is currently head of Moody's global fundamental ratings business, which covers all corporate and government ratings. He will continue to be based in London. Meanwhile, chief executive Raymond McDaniel will take over as president.

Clarkson was promoted to chief operating officer after a reorganisation at Moody's in August 2007 - before this, he was co-chief operating officer, responsible for rating structured finance, project finance, managed funds and US public finance. Since his promotion, Moody's has come under increasingly heavy fire for the inaccuracy of its ratings on various structured finance products.

See also: Moody’s bids to improve RMBS process 
Moody’s reshuffles management after subprime criticism 
Berating agencies