Looking back at 2024, I’m filled with pride and admiration for the people of S&P Global. Our people, in every corner of the company, are exceptional.

There’s no greater testament to a person’s character and leadership than turning over the reins when the organization they’re heading is performing at a very high level. Stepping aside and making way for a new leader to take your place is exceedingly difficult and rare.

Our former President and CEO Doug Peterson managed to do exactly that. He is a visionary leader, seeing trends before many others did. He built a remarkable record of growth at our company, all the while cultivating the talent around him who could take over when the time was right to retire.

Completing the successful integration of IHS Markit was the perfect moment, which created the opportunity last year resulting in the Board of Directors unanimously electing Martina Cheung as our new chief executive.

I congratulate Doug on a fabulous 11-year run as CEO. He was bold while remaining humble. He was a great communicator who was also a great listener. He set very high standards for operational excellence and for integrity. And he got results.

Allow me to outline just a few of his accomplishments:

–      He refocused our company’s business portfolio to concentrate on financial data and analytics, while divesting a number of our businesses, including J.D. Power and McGraw-Hill Construction.

–      He made three game-changing acquisitions: SNL Financial, Kensho, and IHS Markit.

–      He refreshed the Board of Directors, reorganized the management team, and created a new operating model.

–      He rebranded the company as S&P Global, and we are now one of the most distinguished and respected brands in the financial services industry.

–      He nudged the company’s culture to become more innovative, client-centric, and growth oriented.

During his tenure as CEO, S&P Global returned more than $30 billion to shareholders in the form of dividends and share repurchases, and our market capitalization increased to approximately $150 billion from $16 billion.

He checked all the boxes of a world-class leader, and he leaves a tremendous legacy of success. The Board and I extended our deepest thanks to Doug for the incredible job he did.

Martina is the right leader to take the baton from Doug and lead S&P Global. She has all the qualities you want in a chief executive.

She knows our company well and has proven to be effective at leading and growing key businesses. She has a clear plan to drive growth. And she cares deeply about our people, shareholders, and customers. The Board has complete confidence in her ability to move our company forward.

The Board welcomed Martina last summer. This year will bring more changes to the Board.

This is my last shareholders’ letter as Non-Executive Chairman. I advised the company that pursuant to the Board’s refreshment policies under its Corporate Governance Guidelines, I will retire from the Board when my current term as a director expires in May at our Annual Meeting. At that time, I am very pleased Ian Livingston will step in to serve as our next Chairman. Ian is an excellent choice. He has been a valued member of the Board since 2020 and has deep global business experience, including in finance, accounting, and technology, and he previously served as a CEO, CFO, and minister in the British government.

Joining Doug and me in retiring from the Board in May are Bob Kelly and Gay Huey Evans. Bob and Gay have been wonderful colleagues and directors. They always provided fresh insights and offered management sound advice. The Board, Doug, and I will miss serving with them.

I am grateful to have had the opportunity to serve as Chairman over the last four and a half years and as a director since 2011.

S&P Global is a remarkable company with unique products and services and extraordinarily talented people. I am confident our company is in the right hands.

Thank you for your support and interest in S&P Global.

Sincerely,