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Moody's Chairman to Retire

Clifford Alexander will leave his post Oct. 1.
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Moody's

(MCO) - Get Report

said Friday that Clifford Alexander plans to retire as the nonexecutive chairman of the board, effective Oct. 1.

In a press release, Moody's said Alexander's decision followed the board's evaluation of a retirement-age policy for its directors.

At its July meeting, the board voted unanimously to reinstate the company's policy, which had been suspended in connection with the separation of Moody's from

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, and recommend that directors who reach age 70 retire.

Alexander, who turns 70 later this year, decided to retire prior to the expiration of his current term as a director, in accordance with the reinstated policy.

Moody's, the parent of credit-ratings agency Moody's Investors Service, said Alexander served as chairman and chief executive of Dun & Bradstreet from October 1999 to October 2000. He was elected nonexecutive chairman of Moody's in October 2000.

Shares of Moody's closed at $51.10, down 62 cents on the day.