Exhibit 99.1
Moody’s Announces CFO Transition
Caroline Sullivan to Serve as Interim CFO
Reaffirms Outlook for Full Year 2023
NEW YORK – August 3, 2023 – Moody’s Corporation (NYSE: MCO) today announced that Mark Kaye will step down as Executive Vice President and Chief Financial Officer, effective September 5, 2023, to assume a CFO role at another company. At that time, Caroline Sullivan, Chief Accounting Officer & Corporate Controller, will assume the role of Interim CFO in addition to maintaining her current responsibilities.
Moody’s has initiated a search process to identify a permanent CFO and has retained a nationally recognized search firm to assist in evaluating both internal and external candidates. Mr. Kaye will remain CFO through September 5th to ensure a seamless transition.
Rob Fauber, President and Chief Executive Officer of Moody’s, said, “Mark has been a trusted partner to me and an exceptional leader of our global finance team as we expanded our capabilities and accelerated our progress to become the world’s leading risk assessment firm. He played a key role in advancing initiatives that have positioned Moody’s well for the future, including incubating the ESG capabilities that are now important components of our ratings and research franchises, and in establishing our award-winning Sustainability work. On behalf of the Board and our entire team, I thank him for his many contributions and wish him well in his future endeavors.”
Mr. Fauber continued, “Across Moody’s, we’ve built an impressive team of innovators and leaders as we pilot the next generation of risk analysis to unlock deeper and more integrated insights for our customers, and deliver enhanced value for our shareholders. Importantly, we’re fortunate to have a proven leader in Caroline, who, alongside our best-in-class finance organization, will support the continued achievement of our financial priorities while the Company conducts its search for a permanent CFO.”
Mr. Kaye said, “For the past five years, it has been a privilege to work alongside such a talented finance organization and executive team as we collectively navigated the rapidly evolving market landscape, from the onset of a global pandemic to the emergence of new, exciting technologies that have the power to transform the industry. I have great confidence that Moody’s will remain on the leading edge and is well-positioned to capitalize on the opportunities ahead.”
Moody’s also reaffirmed its previously updated outlook for full year 2023, which it provided on July 25, 2023 in connection with its second quarter earnings.
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