Paul Taylor was named CEO of Fitch Group, the credit ratings and financial data company majority-owned by Fimalac.
Mr. Taylor, president of Fitch’s ratings unit, will replace Stephen Joynt starting April 2, the company said Wednesday in a statement.
Mr. Joynt, who has been CEO for 10 years, will remain on Fitch’s board and become a senior adviser to the firm.
Mr. Joynt helped Fitch increase its “institutional acceptance, market presence and global reach,” Marc Ladreit de Lacharriere, Fimalac’s CEO, said in the statement.
Fitch had been developing a succession plan since Mr. Taylor took over as head of the ratings business in 2010, Dan Noonan, a spokesman for the firm in New York, said by e-mail.
Mr. Taylor joined Fitch in 2000 after it acquired Duff & Phelps Credit Rating, where he was executive vice president, according to the statement.
Information on Mr. Taylor’s replacement was not immediately available.