Taylor will succeed Stephen W. Joynt, who will remain on Fitch's board and become a senior advisor to the firm.
'Under Steve's leadership Fitch Ratings has dramatically increased its institutional acceptance, market presence, and global reach. The board of directors and our employees greatly appreciate his many contributions to Fitch'. said Mr. de Lacharriere.
'Paul Taylor is the best choice as the new CEO. He has led and developed our presence in Europe and managed all major rating analytic groups. As president, Paul has strengthened the operational capabilities of the rating agency', added de Lacharriere.
Joynt said: 'It has been challenging and rewarding to develop Fitch over 23 years and to lead Fitch as CEO for these last 10 years. Paul Taylor, as CEO, will bring new direction, ideas, and leadership to continue the expansion of Fitch's market position and profile'.
Taylor has been president of Fitch Ratings since January 2010 and will retain that title going forward. He has held a number of leadership positions at Fitch including global head of sovereigns, public finance, corporates, and financial institutions. He also headed the agency's operations in Europe, the Middle East, and Africa.
Taylor joined Fitch in June 2000 following Fitch's merger with Duff & Phelps Credit Rating Agency, where he was executive vice president.
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