NEW YORK (AP) -- The McGraw-Hill Cos. said Wednesday that its shareholders approved a planned change of the company's name to McGraw Hill Financial.
The new name reflects the company's increased focus on its financial business after recently completing the sale of its education business. The company sold McGraw-Hill Education to funds affiliated with Apollo Global Management LLC for $2.4 billion cash in March.
Company Chairman, President and CEO Harold McGraw III said in a statement that while the company's name is new, its global brands are well established.
McGraw Hill owns the Standard & Poor's Ratings Services, along with its analytics and other financial service brands, including J.D. Power & Associates, Platts energy and commodities services and S&P Dow Jones Indices, which maintains the Dow Jones industrial average, S&P 500 and other market indices.
The company will change its ticker symbol for its stock, which is traded on the New York Stock Exchange, to "MHFI" on May 14 to reflect its new name. It also launched a new corporate website, www.mhfi.com.
Shares of the New York-based company slipped a penny to $54.10 in afternoon trading. The stock has traded between $42.02 and $58.62 in the past 52 weeks, and is down about 1 percent since the start of 2013.
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