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
Dun & Bradstreet
, 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.