annual report 2019
Our world is more interconnected than ever, from the seamless ways we share ideas and values, to the economic interdependencies resulting from global commerce.
A renewed wave of consciousness is challenging the status quo and leading global institutions are being asked to consider the impact of their actions on a sustainable future. Moody’s is ready to meet this challenge, as we aspire to enable informed decisions that promote progress. Against this backdrop, 2019 was another successful year for Moody’s and we remain committed to tackling change head-on and to making investments that enable profitable long-term growth.
Environmental, social and governance (ESG), cybersecurity and other emerging risks have become more relevant to our core business of credit and risk management, evidenced by increasingly and at times stark event-driven impacts on businesses and the communities they support. Accordingly, we are furthering our dialogue with customers seeking assistance in measuring and managing these risks. 2019 saw Moody’s invest in ESG-related firms Vigeo Eiris, Four Twenty Seven and SynTao Green Finance, and form a joint venture with cybersecurity think tank Team8. The new capabilities these firms bring will result in commercial opportunities for new products and services. Just as importantly, they enhance and reinforce our thought leadership – and in turn the relevance of Moody’s Investors Service’s existing credit ratings products and Moody’s Analytics’ proprietary data and analytics offerings.
Moody’s core products and solutions continue to be recognized as industry-leading. Last year, Moody’s Investors Service was named best global credit rating agency in a poll conducted by Institutional Investor. Moody’s Investors Service also won the 2019 Market Leadership Award for Intelligence& Ratings from Global Islamic Finance and was named Best Rating Agency for CLO Investors by Creditflux. Moody’s Analytics earned 54 industry awards, including seven wins and the #4 overall ranking in the Chartis RiskTech100®, six wins in the Risk Technology Awards and ten wins in the FocusEconomics Analyst Forecast Awards.
We are committed to being a constructive force for good in global society. To this end, we recently became a signatory to the Principles for Responsible Investment, an international association of asset owners, investment managers, and service providers working toward a more sustainable global financial system by incorporating ESG factors into investment decisions. We also enhanced our voluntary ESG-related disclosures in our filings, using guidelines from the Sustainability Accounting Standards Board and recommendations from the Task Force on Climate-related Financial Disclosures. Finally, I am pleased to report that Moody’s was verifiably carbon-neutral during 2019.
In order to continue to pursue and execute on cohesive and sustainable growth initiatives, Moody’s announced a revised management structure that became effective in November, including the promotion of Rob Fauber to the new role of Chief Operating Officer. Rob’s experiences across the firm driving growth, innovation and operational excellence, together with his track record of championing a diverse and inclusive workplace, make him the ideal executive to galvanize these efforts across Moody’s.
To close, I would like to thank my fellow board members for their shared insights,and our employees around the world for inspiring us to evolve. I am also appreciative of the ongoing support from our stockholders and the direction that they provide. No matter what the future brings, Moody’s purpose will remain constant: to bring clarity, knowledge and fairness to an interconnected world.
In 2019, Moody’s had continued financial success. We achieved record revenue and earnings, driven by strategic positioning and disciplined execution that enabled us to benefit from market opportunities.
We made important changes to the leadership team, and investments to accelerate growth and innovation. Our diverse workforce and culture of inclusivity fostered employee engagement and creativity, with programs and initiatives that reflected our shared values as we strive to be a force for good across our global community.
2019 began with significant macroeconomic and geopolitical headwinds, which followed transient market disruptions at the end of 2018. These factors included global growth concerns, a U.S. yield curve inversion, trade disputes and political unrest. Sentiment shifted positively as the year progressed, with accommodative central bank monetary policies supporting modest global economic growth alongside declining benchmark rates and tightening credit spreads. Inclusive of heightened M&A activity, 2019 rated debt issuance matched prior-year levels. This allowed MIS to yet again demonstrate the resilience and strength of its business. Activity from normally infrequent market participants contributed to a favorable mix in bond issuance which, along with the benefit of new rating mandates, resulted in strong revenue growth of 6% to $2.9 billion.
Moody’s Analytics (MA) continued to advance as a leading provider of analytical tools and data, essential to solving customers’ complex problems. Customer retention rates remained upwards of 95% in Research, Data and Analytics, while Enterprise Risk Solutions turned the corner in its shift towards a software-as-a-service business model, with more than three quarters of its revenue coming from subscriptions. MA also sharpened the focus of its product portfolio by divesting Moody’s Analytics Knowledge Services. With growth across all primary lines of business, MA’s total revenue rose a robust 13% to $2.0 billion.
Together, MIS and MA drove Moody’s overall revenue 9% higher to $4.8 billion, with adjusted operating margin1 of approximately 47% and adjusted diluted EPS growth1 of 12%.
In September, we announced a new management structure with two main goals: promoting greater coordination across our businesses, and positioning Moody's for the next stage of growth. At the center of this change was Rob Fauber, who was named to the new role of Chief Operating Officer after a successful tenure leading MIS. Succeeding Rob as President of MIS was Michael West, while Stephen Tulenko became President of MA. The businesses are in great hands with Mike and Steve, who had each held several key senior leadership roles within their respective units. We also welcomed Lisa Rabbe as Chief Government and Public Affairs Officer and DK Bartley as Global Head of Diversity & Inclusion. Beyond these recent appointments, we are fortunate to have a deep and committed leadership team to formulate and advance key initiatives.
In 2019 we took decisive steps in our evolution toward becoming a globally integrated risk assessment firm.
First, we made strategic investments to enhance our ability to assess new risk classes. Moody’s acquired majority stakes in Vigeo Eiris – a global leader in Environmental, Social and Governance (ESG) research, data and assessments –and Four Twenty Seven, a leading provider of data, intelligence and analysis related to physical climate risks. In addition, Moody’s acquired a minority stake in SynTao Green Finance, which provides ESG data and ratings to the Chinese market. We also formed a joint venture with leading cyber security think tank Team8, to develop a global standard for assessing cyber risk for enterprises. Market participants are increasingly interested in proprietary data generated in these emerging risk types, as they seek to understand and quantify them across their portfolios.
Second, MIS deepened its presence in Latin America with the launch of Moody’s Local, a new brand and approach to domestic credit ratings and research for financial institutions, corporate entities, local governments and other sectors. With activities in Peru, Panama and Bolivia, Moody’s Local highlights MIS’s growing commitment to serving domestic capital markets.
Third, MA made a number of acquisitions with the goal of empowering its customers to make better, faster decisions. MA acquired RiskFirst, a leading fintech company providing risk analytics solutions for the asset management and pension fund communities, and ABS Suite, a software platform used by structured finance issuers for origination, servicing and administration of asset-backed securities. The addition of RiskFirst positioned MA as a leading provider in the global asset manager and asset owner risk analytics market, while ABS Suite solidified MA’s standing as a leading provider of structured finance issuer solutions.
Last, MA’s innovation engine,the MA Accelerator, launched several exciting new products and services during 2019. These included the REIS Network, an ecosystem of connected applications that provide market participants with access to commercial real estate (CRE)solutions for property research, investment and risk management. Also serving the CRE data and analytics space, MA’s new Commercial Location Score allows investors, lenders and developers to evaluate the suitability of more than 7 million commercially-zoned parcels in the United States. Finally, with the release of QUIQspread™, its automated financial statement spreading solution, MA helped unlock the potential for tremendous customer efficiency and cost savings. QUIQspread went on to win Best Financial Services AI Solution at the 2019 Artificial Intelligence Awards.
In 2019, we refined our strategy to more effectively identify, assess and develop key talent, ensuring a strong future leadership and management pipeline. We introduced the Leadership Success Profile, which enabled our employees at every level to better understand what is needed to be a leader at Moody's, and increased our success in onboarding critical technical roles such as data scientists and software engineers.
Diversity and inclusion remain integral to our culture and essential to our future growth prospects. For providing an inclusive workplace for LGBTQ employees, Moody’s scored 100% on the Corporate Equality Index for the eighth year in a row, and we were also named one of Stonewall's Top 100 Employers for 2019 in the U.K. Working Mother magazine recognized Moody’s as one of its 100 Best Companies for the third year in a row, and as one of its Best Companies for Dads for the second straight year.
We continued to work toward the goal of embedding our Corporate Social Responsibility strategy and mindset throughout the Company. We expanded our global impact by developing new partnerships and increasing our involvement with organizations such as the UN Global Compact and the Sustainability Accounting Standards Board. We also launched our Global Immersive Pro Bono Program, aligning our social investments and volunteer efforts with our business expertise.
As we continue evolving into a globally integrated risk assessment firm, our future is bright. We are uniquely positioned to help our customers navigate through both good times and more challenging periods. In closing, I would like to thank the many stakeholders in Moody’s ongoing success who we have the privilege to serve. This includes our stockholders, long-standing and new; our talented global workforce; our actively engaged customer base; and the communities in which we operate. Only through the support of each can we fulfill our core mission of providing trusted insights and standards that help decision makers act with confidence.
Chairman & Former Chief Executive Officer
Director since April 2018
Vincent A. Forlenza, age 66, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. He has served as a director of Becton, Dickinson and Company (“BD”), a global medical technology company, since 2011 and became Chairman of its board in 2012. Mr. Forlenza served as BD’s Chief Executive Officer from 2011 to January 2020 and President from 2009 to April 2017. Prior to that, Mr. Forlenza served as Chief Operating Officer from July 2010 to October 2011. Mr. Forlenza joined BD in 1980 and served in a number of different capacities, including strategic planning, business development, research and development, and general management in each of BD’s segments and in overseas roles. Mr. Forlenza is a member of the board of directors and former chairman of the Advanced Medical Technology Association (AdvaMed), an international medical technology trade organization. He is a member of the Board of Trustees of The Valley Health System and a member of the Board of Directors of the Quest Autism Foundation. He previously served as a member of the Board of Trustees of Lehigh University from 2011 to 2017.
Mr. Forlenza served as the chief executive officer of a public, global medical technology company for approximately nine years. He has also served as chairman of that company’s board since 2012. Prior to becoming chief executive officer, he was the chief operating officer and held various additional roles. He has experience leading a large global business in a regulated industry, including significant experience in large M&A transactions. He additionally brings experience in areas such as strategic planning, business development and new product development. His service as a director also contributes to his focus on corporate governance matters.
Retired Chairman & Chief Executive Officer
Director since April 2018
Gerrit Zalm, age 67, is a member of the Audit, Governance & Nominating and Compensation & Human Resources Committees of the Board of Directors. He served as Chairman and Chief Executive Officer of ABN AMRO Bank N.V., a full-service bank with a primary focus on the Northwest Europe, from 2009 to 2016. In 2008, Mr. Zalm served as Chief Financial Officer of DSB Bank N.V. and as its Chief Economist from 2007 to 2008. From 2007 to 2010, Mr. Zalm served as the Chairman of the Trustees of the International Accounting Standards Board. Mr. Zalm was Minister of Finance of the Netherlands from 2003 to 2007 and 1994 to 2002 and served in the Netherlands House of Representatives as the Parliamentary Leader of the VVD Party from 2002 to 2003. Prior to 1994, Mr. Zalm was head of the Netherlands Bureau for Economic Policy Analysis, held various positions at the Netherlands Ministry of Finance and Ministry of Economic Affairs and was a professor at Vrije Universiteit Amsterdam.
Mr. Zalm has served as a director of Royal Dutch Shell since 2013 and Danske Bank since March 2019. Mr. Zalm has significant experience in the financial sector and brings invaluable insight into the government and international regulatory fields. He served as the chief executive officer and chairman of a global bank for eight years. He brings a wealth of regulatory experience from his roles as Minister of Finance of the Netherlands for twelve years, chairman of the trustees of the International Accounting Standards Board, and as a member of the Netherlands House of Representatives as the Parliamentary Leader of the VVD Party.
President & Chief Executive Officer
Mr. McDaniel has served as the Company’s President and Chief Executive Officer since April 2012, and served as the Chairman and Chief Executive Officer from April 2005 until April 2012. He currently serves on the Executive Committee of the Board of Directors. Mr. McDaniel served as the Company’s President from October 2004 until April 2005 and the Company’s Chief Operating Officer from January 2004 until April 2005. He has served as Chief Executive Officer of Moody’s Investors Service, Inc. since October 2007. He held the additional titles of President from November 2001 to August 2007 and December 2008 to November 2010 and Chairman from October 2007 until June 2015. Mr. McDaniel served as the Company’s Executive Vice President from April 2003 to January 2004, and as Senior Vice President, Global Ratings and Research from November 2000 until April 2003. He served as Senior Managing Director, Global Ratings and Research, of Moody’s Investors Service, Inc. from November 2000 until November 2001 and as Managing Director, International from 1996 to November 2000. Mr. McDaniel currently is a director of John Wiley & Sons, Inc. (2005-present) and a member of the Board of Trustees of Muhlenberg College (2015-present).
Chief Operating Officer
Mr. Fauber has served as the Company’s Chief Operating Officer since November 2019. Mr. Fauber served as President of Moody’s Investors Service, Inc. from June 1, 2016 to October 31, 2019, as Senior Vice President— Corporate & Commercial Development of Moody’s Corporation from April 2014 to May 31, 2016, and was Head of the MIS Commercial Group from January 2013 to May 31, 2016. From April 2009 through April 2014, he served as Senior Vice President—Corporate Development of Moody’s Corporation. Mr. Fauber served as Vice President— Corporate Development from September 2005 to April 2009. Prior to joining Moody’s, Mr. Fauber served in several roles at Citigroup and its investment banking subsidiary Salomon Smith Barney from 1999 to 2005. From 1992 to 1996, Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.
President, Moody's Analytics
Mr. Tulenko has served as President of Moody’s Analytics since November 2019. Mr. Tulenko served as Executive Director of Enterprise Risk Solutions from 2013 to October 2019 and as Executive Director of Global Sales, Customer Service and Marketing from 2008 to 2013. Prior to the formation of Moody’s Analytics, he held various sales, product development and product strategy roles at Moody’s Investors Service, Inc. Mr. Tulenko joined Moody’s in 1990.
President, Moody's Investors Service
Mr. West has served as President of Moody’s Investors Service, Inc. since November 2019. Mr. West served as Managing Director—Head of MIS Ratings and Research from June 2016 to October 2019. Previously, Mr. West served as Managing Director—Head of Global Structured Finance from February 2014 to May 2016 and Managing Director—Head of Global Corporate Finance from January 2010 to January 2014. Earlier in his career, he was also responsible for the research strategy for the ratings businesses and before that led Corporate Finance for the EMEA Region, European Corporates and the EMEA leveraged finance business. Prior to joining Moody’s in 1998, Mr. West worked at Bank of America and HSBC in various credit roles.
Executive Vice President & General Counsel
Mr. Goggins has served as the Company’s Executive Vice President and General Counsel since April 2011 and the Company’s Senior Vice President and General Counsel from October 2000 until April 2011. Mr. Goggins joined Moody’s Investors Service, Inc. in February 1999 as Vice President and Associate General Counsel.
Chief Information Officer
Mona Breed is the Chief Information Officer of Moody’s Corporation, overseeing all global enterprise technology programs and activities. Ms. Breed joined Moody’s in 2018 after nearly 30 years of diverse experience across all dimensions of technology, finance and large-scale project management/system implementation. Mona came to Moody’s from OppenheimerFunds, where she most recently served as Head of Infrastructure. Prior to that, she led Enterprise Application Development, Program Management and IT Strategy and Transformation. Prior to joining Oppenheimer in 2013, she held a range of senior technology and finance leadership roles at Apollo and PricewaterhouseCoopers.
She is a graduate of Emory University and a Member of the Skating Club Of New York Board of Directors.
Mr. Hare joined Moody’s in 1995 and has held several positions of increasing responsibility within the Finance organization, including financial planning and analysis, treasury, corporate development and investor relations. Prior to joining Moody’s, Mr. Hare held various finance positions at Sea-Land Service, Inc., a wholly-owned subsidiary of CSX Corporation.
Mr. Hare holds an M.B.A. from Kellogg School of Management, Northwestern University and a B.S. in business management from Cornell University.
Chief Human Resources Officer
Ms. Hughes has served as the Company's Senior Vice President—Chief Human Resources Officer since September 2017. Prior to joining the Company, Ms. Hughes was Chief Human Resource Officer & Executive Vice President Human Resources at American Eagle Outfitters from July 2016 to September 2017 and served as Executive Vice President, Human Resources at Tribune Media from May 2013 to June 2016. She has held several senior management roles for many different companies such as Coach, Gilt Group, DoubleClick and UBS Warburg.
Chief Financial Officer
Mr. Kaye has served as the Company’s Senior Vice President—Chief Financial Officer since August 2018. Prior to joining the Company, Mr. Kaye was Senior Vice President and Head of Financial Planning and Analysis at Massachusetts Mutual Life Insurance Company (MassMutual) since February 2016, and Chief Financial Officer of MassMutual U.S. since July 2015. Prior to that, Mr. Kaye served as Chief Financial Officer and Senior Vice President, Retirement Solutions, at Voya Financial from 2011 to 2015. Mr. Kaye previously held various senior financial and risk reporting positions at ING U.S. and ING Group, and was in the investment banking division of Credit Suisse First Boston.
Risk Management & Chief Audit Executive
Scott Kenney is Senior Vice President Risk Management and Chief Audit Executive of Moody’s Corporation. Mr. Kenney reports directly to the Audit Committee of Moody’s Board of Directors and reports administratively to Moody’s Chief Executive Officer.
Mr. Kenney is responsible for overseeing Moody’s Global Internal Audit function, including providing an independent oversight function that evaluates the processes and controls over the organization’s financial, technology, ratings and operational activities. Mr. Kenney also oversees risk assurance for the Corporation. Mr. Kenney has over twenty-five years of experience in internal audit, risk management, business process and internal controls. Prior to joining Moody’s, Mr. Kenney was a Managing Director at Deloitte, serving as leader to several internal audit departments, external financial statement audits, Sarbanes-Oxley compliance efforts and large regulatory compliance engagements. He served in a variety of positions while at Deloitte, served as Global Director of Compliance for Take Two Interactive and Internal Auditor at Staff Builders Home Health Care.
Mr. Kenney currently serves on the Board of Governors for the New York Institute of Internal Auditors and Hetrick Martin Institute. He also is a member of the advisory committees for Finance and Audit at OnePulse Foundation.
Mr. Kenney holds a BS in Accounting from the University of Scranton and is a Certified Public Accountant licensed in New York. Mr. Kenney is also a Certified Information Systems Auditor (ISACA), Certified Informational Technology Professional (AICPA), Certified in Risk and Information Systems Controls and a Chartered Global Management Accountant.
Chief Strategy Officer
Mr. Platt currently serves as SVP & Chief Strategy Officer for the Corporation, with responsibility for Corporate Development, Global Communications and Corporate Social Responsibility. Mr. Platt was appointed to the Board of Directors of ICRA Limited in April 2019. Previously, Mr. Platt served as Managing Director and Head of Corporate Development for Moody's from January 2013 to November 2018. Prior to joining Moody’s, Mr. Platt provided M&A and corporate finance advisory services to clients, including Moody’s, from 2010 to 2012. Previously, he served as a Managing Director in the M&A Group at Deutsche Bank from 2007 to 2009, advising companies and boards across a range of industries. Prior to Deutsche Bank, Mr. Platt served as a Managing Director in the M&A Group at Bank of America and held similar roles in the M&A Groups at Citigroup and Donaldson, Lufkin & Jenrette from 1997 to 2007. From 1992 to 1997, Mr. Platt was a Senior Investment Analyst in the Money Market Fixed Income Division at Fidelity Investments where his responsibilities included credit risk assessment, setting of exposure limits and investment oversight for a broad range of corporate and municipal credits as well as structured products. Mr. Platt holds an M.B.A. from the University of Chicago, a B.A. from the University of California, Berkeley in Political Economies of Industrialized Societies and earned the CFA designation.
Ms. Sullivan has served as the Company’s Senior Vice President—Corporate Controller since December 2018. Prior to joining the Company, Ms. Sullivan served in several roles at Bank of America, where her last position held was Managing Director and Global Banking Controller. Prior to that role, Ms. Sullivan supported the Global Wealth & Investment Management business from 2015 to 2017 in a variety of positions including Controller and was Chief Financial Officer for the Latin America region from 2014 to 2015. From 2011 to 2013, she served as the Legal Entity Controller for the bank’s main broker dealer and other Merrill Lynch entities. Ms. Sullivan previously held various senior positions at several banks and a major accounting firm, and is a member of the American Institute of Certified Public Accountants.
Head of Global Tax
Scott Kapusta joined Moody’s in 2007 and is the company’s Head of Global Tax. He is responsible for all aspects of tax for Moody’s and manages a global team of diverse professionals. Prior to joining Moody’s, Mr. Kapusta served as counsel for a large New York City law firm and held several senior roles within Deloitte, where he provided corporate and tax advice to U.S. multinationals. Mr. Kapusta started his career in government, where he served as a senior court attorney for the New York State Supreme Court, Appellate Division, Second Department. Mr. Kapusta holds a Masters Degree (LL.M.) in Tax from New York University School of Law and a J.D. from St. John’s University School of Law. He is admitted to the New York State bar.
Richard Cantor serves as Chief Credit Officer for MCO and MIS, a position he has held since 2008. Mr. Cantor heads MIS’s Credit Strategy and Standards Group, which is responsible for the rating agency’s global credit strategy and thematic research, the quality and consistency of its ratings across regions and sectors, and the methodologies applied in the determination of ratings. From 2009 through 2019, Mr. Cantor also served as MCO’s Chief Risk Officer, leading its global risk management function. Outside of Moody’s, Mr. Cantor serves as Chair of the US Pacific Cooperation Council. Mr. Cantor was appointed by the U.S. State Department to the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council in 2015 for a three-year term. Mr. Cantor joined Moody’s in 1997 from the Federal Reserve Bank of New York, where he served as Assistant Vice President in the Research Group and was Staff Director at the Discount Window. Prior to the Federal Reserve, Mr. Cantor taught Economics at UCLA and Ohio State and has taught on an adjunct basis at the business schools of Columbia University and New York University.
Helene Gurian joined Moody’s in 2010 and is the company’s Chief Compliance Officer. She is responsible for the supervision of global regulatory and compliance interactions, the management of regulatory examinations and all centralized compliance functions. Prior to joining Moody’s, Ms. Gurian held executive positions in the Compliance Department of Prudential Financial, including Chief Compliance Officer for Prudential’s insurance broker-dealer, and, subsequently for their corporate centers. In that role, she supervised the corporate investigations and anti-money laundering divisions and the company’s regulatory examination program. Ms. Gurian started her career in government, where she served as a senior trial counsel in the New York County District Attorney’s Office, and subsequently as the Deputy Commissioner for the New York City Department of Investigation and Deputy Commissioner and Chief Counsel for the New York State Commission of Investigation.
Ms. Rabbe is Chief Government and Public Affairs Officer of Moody’s Corporation. In this role, Ms. Rabbe oversees Moody’s global engagement with regulators, policymakers and other external groups to educate and inform discussion on key issues and Moody’s role in the capital markets. Her remit includes identifying emerging policy areas and initiatives that may impact business operations and strategies.
As founder and CEO of Stratosphere Advisors LLC, a political risk and public policy consultancy, and of Stratosphere Analytics LLC, a regulatory analytics startup, she has extensive experience in financial regulation, financial technology (FinTech) and regulatory technology (RegTech) within global banking, securities regulation, antitrust and data privacy.
Prior to launching the Stratosphere group companies, Ms. Rabbe was Managing Director and Head of Public Policy for the Europe, Middle East and Africa (EMEA) region for Credit Suisse and Managing Director and Head of Government Affairs EMEA region for Goldman Sachs International. She has been a member of the Advisory Board of the European Corporate Governance Institute since 2012.
Ms. Rabbe was recognized as one of the "100 Most Influential Women in Finance". She has served as an instructor on the Oxford Saïd Business School’s Future of Finance (FinTech) Course and as an advisor to the European Cloud Alliance, which promotes the use of cloud technologies in Europe. She holds a B.A. from Dartmouth College.
Mr. Hogan has served as the company’s Treasurer since September 2019. He is responsible for overseeing Moody’s capital allocation and long-term financing strategies, and managing cash and short-term investments to support Moody’s operations and growth. Mr. Hogan served as the company’s Assistant Corporate Controller from September 2016 to September 2019. Previously, Mr. Hogan held the role of EMEA Regional Controller from June 2013 to September 2016; and from July 2010 to June 2013, he held various senior roles within the Finance organization. Prior to joining Moody’s, David spent ten years in Deloitte’s Assurance practice, with a focus on clients within the Telecom, Media and Technology sector. David is a graduate of Rutgers University School of Business and has a New Jersey State CPA.
Shivani Kak heads the Investor Relations Team as of September 2019 and is responsible for managing effective communications with the analytical community, as well as existing and potential shareholders. Prior to this role, she managed the US Structured Finance Relationship Management team within the Commercial Group.
She joined Moody’s in 2008 as a European RMBS analyst in the Structured Finance team. She moved to the Commercial department in 2011, to focus on Structured Finance business development, including secondments to both the Hong Kong and New York offices. She also spent time in the Product Management Group with global responsibility for product related requests and initiatives linked to Structured Finance and investor requested products.
Prior to joining Moody’s, she was a Director at Lehman Brothers, specializing in Structured Finance origination and structuring.
Shivani holds an MBA from the Johnson School at Cornell University and a B.Sc. (Hons) in Russian and European Studies from the University of Surrey and speaks fluent Russian.
The Company has filed its annual report on Form 10-K for the year ended December 31, 2019 with the Securities and Exchange Commission.
The Form 10-K, along with other Moody’s SEC filings and corporate governance documents, are available, without charge, upon request to the Investor Relations Department at the Corporate Office or on ir.moodys.com.
The Company’s common stock trades on the New York Stock Exchange under the symbol “MCO”.