DBRS Appoints Stephen W. Joynt, Former CEO of Fitch Ratings, as Executive Chairman
TORONTO, Feb. 10, 2016 /PRNewswire/ -- DBRS, Inc. ("DBRS"), the global provider of timely credit rating opinions and related information, today announced that board member Stephen W. Joynt has been appointed as executive chairman of DBRS Group, the parent company of DBRS.
Mr. Joynt brings a wealth of experience in the global credit rating industry, having served as the president and chief executive officer and board member of Fitch Ratings for 10 years. During that time, he led the company through growth initiatives and acquisitions, expanding its market presence and global reach. Mr. Joynt has served on the board of DBRS Group since 2015. Richard Venn, who previously served as chairman, will remain a member of the board of DBRS Group.
Cary Davis, Managing Director, Warburg Pincus, commented, "Steve has been an invaluable contributor to the board of DBRS Group over the past year. We believe that DBRS will benefit immeasurably from his increased involvement as chairman as the company continues to strengthen its position and expand across products, services and geographies."
Olivier Sarkozy, Carlyle Group Managing Director and head of the Global Financial Services Group, said, "As DBRS continues to build out its global footprint, Steve's judgment and decades of experience as a senior leader in the ratings industry will be extremely helpful. We also wish to thank Richard for his many contributions and are pleased we will be able to continue to tap his expertise as a member of the DBRS Group board."
DBRS was acquired in 2015 by global alternative asset manager The Carlyle Group (NASDAQ: CG) and Warburg Pincus, a global private equity firm focused on growth investing, in partnership with a consortium of Canadian-based individual investors including DBRS' founder, Walter Schroeder and DBRS management. Since the acquisition, DBRS has been investing in staff and expanding operations geographically, including in Europe.
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