Ray McDanielwill become chairman and chief executive officer of Moody's Corp., effective April 2005, when John Rutherford plans to resign at the age of 65. In his new role, McDaniel will continue to have responsibility for both the Moody's Investors Service and Moody's KMV businesses. McDaniel has served as president of Moody's Investors Service since November 2001 and was elected to the Moody's Corp. board of directors in April 2003.

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