McGraw-Hill to Change Name to McGraw Hill Financial
Shareholders of McGraw-Hill Companies voted to change the company’s name to McGraw Hill Financial.
The company said the name McGraw Hill Financial more closely identifies it with the credit ratings, benchmarks and analytics it provides to global capital and commodity markets. Standard & Poor’s Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts and J.D. Power & Associates are some of the company’s leading brands.
“While the McGraw Hill Financial name is new, our global brands are well established and trusted by clients who look to them for essential intelligence necessary for managing risk and identifying opportunities to grow,” said Harold McGraw III, chairman, president and CEO. “The ongoing growth and success of our company have always been a result of our remarkable people. I am optimistic about the future of McGraw Hill Financial because I have great confidence in the integrity, ingenuity and unwavering dedication of our 17,000 men and women.”
The company said the change to McGraw Hill Financial is the culmination of a significant period of achievement, growth and transformation in its 125-year history. In 2012, the company agreed to sell McGraw-Hill Education to investment funds affiliated with Apollo Global Management; invested for growth with five tuck-in acquisitions; launched the S&P Dow Jones Indices joint venture; achieved approximately $175 million in run-rate cost reductions; and returned $1.3 billion to shareholders in the form of dividends and share repurchases.
To go along with the company’s new identity, the ticker symbol for the company’s common stock, which is traded on the New York Stock Exchange, will change to ‘MHFI,’ effective May 14, 2013. The McGraw-Hill Companies’ common stock has traded on the NYSE since 1929 and since the 1950s under the ticker ‘MHP.’
Previously on abfjournal.com: