Last Tuesday, Mr. Anthony L. Angel, aka Tony Angel, was appointed "executive managing director and head of its Europe, Middle East and Africa (EMEA) business" of Standard & Poor's, and will report to no less than Deven Sharma, president of S&P.
You will find more on the individual on his website http://www.tonyangel.co.uk/ -- but make sure you use .co.uk rather than .com, as the latter would bring you to rather less stern photos than you would expect from a Cambridge-educated solicitor. This appointment may well mark a change in corporate culture at S&P, where senior managers have long been the fruits of internal breeding and meritocracy. But it also highlights how crucial legal and regulatory matters have become for someone running a credit rating agency.
Two days later, the US's Securities and Exchange Commission voted to "formally propose a comprehensive series of credit rating agency reforms to bring increased transparency to the ratings process." In Europe, the latest recommendations of the Committee of European Securities Regulators (CESR) have focused on the rating of structured products.
The outgoing American-born Barbara Ridpath, managing director and chief credit
officer of S&P's EMEA business, would have had to report to Angel. The personalities and egos would presumably have clashed. Not surprinsingly then, that, on the same day as the SEC announcement, 12 June 2008, Barbara Ridpath was officially appointed CEO of a new UK-based International Centre for Financial Regulation, established as an "industry-led project independent of the UK government" to become "an international centre of excellence focused entirely on financial regulation." She will take up her appointment in September 2008. In the meantime, enjoy your time off, Barbara! 
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