McGraw-Hill Cos. (MHP) hired Dean Foods Co.'s (DF) Jack Callahan Jr. as chief financial officer and announced an organizational split of its financial-services business that sees the Standard & Poor's credit agency classified as an independent segment.
The changes come as the textbook publisher and financial-information provider has grown profit through S&P. McGraw-Hill's higher-education division has also seen strong results as it offers more digital learning programs.
Dean Foods said earlier this month Callahan planned to leave at the end of November for a similar role at a public company but didn't name the position. Previously, he had served in management roles at PepsiCo Inc. (PEP) and General Electric Co. (GE).
Callahan succeeds Robert Bahash, who was named president of the company's education business. The former head, Peter Davis, left "to pursue other career opportunities," McGraw-Hill said Monday.
Deven Sharma will remain president of S&P, which was previously part of the company's financial-services segment. Other parts of that business--including S&P Indices and Capital IQ--now make up McGraw-Hill Financial, led by Lou Eccleston. Eccleston previously served as head of the company's fixed-income risk-management-services division.
McGraw-Hill shares were up 18 cents at $36.78 in recent trading.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; firstname.lastname@example.org