McGraw Hill Financial (NYSE:SPGI) is to welcome a new president and chief executive in a few months. The company announced that Terry McGraw III will no longer occupy the two positions as of November 1, although he will continue to serve as its board chairman.

His replacement is Douglas Peterson, a long-serving executive, who is currently president of one of the firm's key units, Standard & Poor's Ratings Services. Prior to his time at the company, Peterson worked at Citigroup in a number of domestic and international executive positions. He rose through the ranks to eventually become COO of Citibank.

According to an SEC filing made by McGraw Hill Financial, effective immediately, Peterson is to receive an annual base salary of $900,000, and an "annual target bonus opportunity" of $800,000 for this year. He will also be eligible for a longer-term bonus of $4 million.