Toronto-based DBRS Inc. announced on Wednesday that board member Stephen Joynt has been appointed as executive chairman of DBRS Group, parent company of DBRS.

Joynt, who spent 10 years as president and CEO of Fitch Ratings, joined the DBRS Group board in 2015.

Richard Venn, who previously served as DBRS Group chairman, will remain a member of the board of DBRS Group, the company says.

“Steve has been an invaluable contributor to the board of DBRS Group over the past year. We believe that DBRS will benefit immeasurably from his increased involvement as chairman as the company continues to strengthen its position and expand across products, services and geographies,” says Cary Davis, managing director of Warburg Pincus LLC, a global private equity firm.

“As DBRS continues to build out its global footprint, Steve’s judgment and decades of experience as a senior leader in the ratings industry will be extremely helpful,” adds Olivier Sarkozy, managing director at global asset manager The Carlyle Group LP.

Warburg Pincus and The Carlyle Group acquired DRBS in 2015.