June 8 (Bloomberg) -- McGraw-Hill Cos. named Lloyd “Buzz” Waterhouse as president and chief executive officer of McGraw-Hill Education, ahead of the parent’s planned split into two companies.
Waterhouse, a former CEO of Harcourt Education, will step into the role on June 14, New York-based McGraw-Hill said today in a statement. The company said last month that Robert Bahash, president of the education business, would retire.
McGraw-Hill, the owner of Standard & Poor’s, is in the process of splitting into two, with one company focused on education and the other on financial information. The division is expected to be completed this year, McGraw-Hill has said.
Waterhouse also spent 26 years at International Business Machines Corp., where he was general manager of E-Business Services.
His experience in education and new technologies will help McGraw-Hill “in the new era of global digital learning,” Harold “Terry” McGraw, the company’s CEO, said in the statement.
McGraw-Hill Financial will include the Standard & Poor’s ratings service, S&P Indices, Platts energy information services and J.D. Power & Associates.
McGraw-Hill fell 0.3 percent to $43.50 at the close in New York. The shares have declined 3.3 percent this year.
To contact the reporter on this story: Lisa Wolfson in Boston at firstname.lastname@example.org
To contact the editor responsible for this story: Lisa Wolfson at email@example.com