Financial information company S&P Global announced on Thursday that it has appointed insider Martina Cheung as CEO effective on Nov. 1.

Cheung, who has held multiple leadership roles at S&P Global in her 14-year stint, will succeed Douglas Peterson, the company's chief executive since 2013.

S&P Global announced that retiring CEO Peterson will remain with the board until May 2025, and will be a special adviser to the company till Dec. 31, 2025.

The succession comes at a time when expectations of the U.S. Federal Reserve avoiding a recession is growing and investors are increasingly spending more on analytics and data-related products.

This trend bodes well for companies such as S&P Global, known for its rating agency business and stock market indexes.

Cheung currently leads S&P Global Ratings, which posted an annual revenue of $3.3 billion in 2023, an increase of 9% from the previous year, as per the company's statement.

Apart from her current role, she has also served as the company's chief strategy officer and led its market intelligence unit.

Yann Le Pallec, Executive Managing Director and Head of Global Ratings Services at S&P Global Ratings will succeed Cheung as president of the ratings unit.

Cheung will also take up the role of the company's president and has been elected to the board.

(Reporting by Pritam Biswas in Bengaluru; Editing by Alan Barona)