Former Ernst & Young Chairman and CEO Ray Groves was named as the ombudsman for Standard & Poor's.

The new hire is part of plan outlined by the rating agency to increase transparency, strengthen the ratings process as well as better serve capital markets.

Groves will report to Harold McGraw III, chairman, president and chief executive of the McGraw-Hill Cos. S&P is a unit of McGraw-Hill.

Groves has served in a various positions during his career, including a 17 year stint at Ernst & Young.

Groves will start his new position on Feb. 16.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.