Moody’s reshuffles management after subprime criticism

Moody’s Investors Service has announced three senior management appointments as it faces criticism over its role in the US subprime crisis.

Michel Madelain has been named executive vice-president responsible for global fundamental ratings. Noel Kirnon is executive vice-president of global structured and US public finance ratings. Andy Kimball is the new chief credit officer and chairman of credit policy. All three will serve in New York.

Madelain was most recently group managing director in charge of global banking. The agency created the post for him in May, a move widely seen as a response to the botched rollout of the agency’s JDA (joint default analysis) methodology for bank ratings. He replaces Chris Mahoney, now vice-chairman.

Kirnon was previously senior managing director in the structured finance group, looking at global derivatives, managed funds and US commercial real estate. He replaces Brian Clarkson, now chief operating officer of Moody's Investor Services.

Kimball was senior managing director in the global corporate finance group, and also replaces Chris Mahoney, who was both chief credit officer and head of global fundamental ratings.