NEW YORK (AP) -- Publishing company The McGraw-Hill Cos. said Friday it named a former IBM executive as head of its education unit, which it is in the process of spinning off.
Lloyd G. "Buzz" Waterhouse, 60, will lead the McGraw-Hill Education unit, effective next Thursday.
He was previously CEO of Harcourt Education. Before that, he spent 26 years as an executive at IBM, where he was general manager of e-business services and president of Asia Pacific Services Corp.
He will report to Harold McGraw III, CEO of the McGraw-Hill Cos.
McGraw-Hill hopes to spin off the education unit later this year in a move that was first announced last September. Once the split is complete, the remaining company, which includes its Standard & Poor's Ratings Services, the S&P index business and others, will be called McGraw-Hill Financial.
McGraw-Hill shares slipped 50 cents to $43.29 in midday trading.