DBRS’s Curry Steps Down as CEO, Joynt Named Interim Replacement

  • Joynt was Fitch’s chief for a decade including crisis years
  • Company says Curry departed to pursue other interests

DBRS Inc., the ratings company backed by private equity giants Carlyle Group and Warburg Pincus, named Stephen W. Joynt interim chief executive officer after Daniel Curry left the company.

Curry, named CEO in 2013, plans to pursue other interests, the Toronto-based company said in a statement Monday. Curry couldn’t immediately be reached for comment, and Stephen Bernard, a DBRS spokesman, declined to elaborate beyond saying that Joynt’s appointment is effective immediately. He continues as executive chairman at the parent company, DBRS Group, according to the statement.

DBRS supplies about 2 percent of the credit grades on outstanding debt around the world. It’s the largest of a group of raters looking to take market share from Moody’s Corp., S&P Global Inc. and Fitch Ratings Ltd., which together supply nearly 96 percent of bond grades. Carlyle and Warburg Pincus led a consortium of investors and DBRS management that bought the firm last year.

Curry strengthened the company’s position in the industry and expanded its customer base, John Redett, co-head of Carlyle’s global financial services group, said in the statement.

Joynt previously worked at Fitch, where he oversaw the ratings firm during the financial crisis and its aftermath. He left in 2012 after a decade as CEO. DBRS appointed him executive chairman in February.