Martina Cheung

Martina Cheung became President and CEO of S&P Global in November 2024, making history as the first woman to lead one of the world's most essential financial infrastructure companies. S&P Global operates across four interconnected businesses that together form the backbone of global financial markets: S&P Global Ratings (credit ratings for governments, corporations, and structured finance), S&P Global Market Intelligence (financial data, analytics, and research), S&P Global Commodity Insights (formerly Platts, providing price benchmarks for commodities), and S&P Dow Jones Indices (including the iconic S&P 500, the world's most followed equity index). The 2022 merger with IHS Markit was transformational, adding extensive data assets in energy, transportation, engineering, and financial services. Combined annual revenue exceeds $13 billion, with high recurring subscription-based revenue and exceptional operating margins. S&P Global's business model benefits from powerful network effects and regulatory moats — credit ratings are embedded in financial regulation, indices are embedded in trillions of dollars of passive investment products, and Platts commodity benchmarks are used in physical commodity contracts globally. Key stock drivers include debt issuance volumes (which drive ratings revenue), financial market activity levels, index-linked asset growth (as passive investing continues to gain share), commodity market activity, the success of post-merger synergies and cross-selling, and the competitive dynamics with Moody's (in ratings), Bloomberg and LSEG (in data), and MSCI (in indices).