Clifford L. Alexander, Jr. to Retire as Chairman of Moody's Corporation.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 1, 2003 Moody's Corporation today announced that Clifford Alexander has informed the company that he will retire as the non-executive chairman of its Board of Directors, effective October 1, 2003. Mr. Alexander's decision followed the Board of Directors' evaluation of a director retirement age policy. At its July meeting, the Board voted unanimously to reinstate To restore to a condition that has terminated or been lost; to reestablish. To reinstate a case, for example, means to restore it to the same position it had before dismissal. the company's policy, suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. in connection with the separation of Moody's from Dun & Bradstreet, recommending that directors who reach age 70 retire from the Board. Mr. Alexander, who turns 70 later this year, has decided to retire prior to the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of his current term as a director, in accordance with the reinstated policy. "Cliff Alexander inspired the successful launch of Moody's as an independent, public company at the time of the separation from Dun & Bradstreet almost three years ago," said John Rutherfurd, Jr., president and chief executive officer of Moody's Corporation. "Under Cliff's leadership, the company achieved outstanding growth and a substantial increase in shareholder value. We are very grateful for his many contributions to Moody's." Mr. Alexander served as chairman and chief executive officer of the Dun & Bradstreet Corporation from October 1999 to October 2000. He was elected non-executive chairman of Moody's Corporation effective October 2000 following the separation from Dun & Bradstreet. "My experience at Moody's has been extremely rewarding," said Mr. Alexander. "I am confident that the company, which I have had the pleasure of serving, has a tremendous business with strong management that generates great value for its customers, employees, and shareholders." Moody's Corporation (NYSE NYSE See: New York Stock Exchange : MCO MCO Managed care organization, see there ) is the parent company of Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets, and Moody's KMV KMV Keyboard/Mouse/Video KMV Kealhofer, McQuown and Vasicek (founders of a company and measure of default probability) KMV Key Mediating Variable (marketing) , a credit risk management technology firm serving the world's largest financial institutions. The corporation, which employs more than 2,100 associates in 18 countries, reported revenue of $1.0 billion in 2002. Further information is available at http://www.moodys.com. |
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