McGraw Hill Financial Inc. (mhfi) is getting rid of its family name for the first time in its 128-year history.
The company has put plans into motion to change its name to S&P Global Inc. later this year, the Wall Street Journal reports. The move has been approved by the company's board of directors, and a proposal will soon be filed to amend it.
"McGraw Hill is definitely seen as a publishing brand," CEO Douglas L. Peterson told the Journal. Since Peterson took over as CEO in 2013, he has facilitated a shift towards global data analytics and away from publishing, and the McGraw Hill brand no longer properly represent the rest of the company. McGraw Hill owns Standard & Poor's Rating Service, which is the largest rating firm in the world, as well as two other S&P branded divisions.
The Fortune 500 company has been considering a name change since last year when Harold "Terry" McGraw III, the founder's great-grandson, resigned as chairman. McGraw, the chairman emeritus, supports the move, as do all the company's board members.