By Timothy W. Martin 

Harold "Terry" McGraw III intends to relinquish his chairmanship of McGraw Hill Financial Inc. following an April 29 board meeting, the company said Wednesday.

Mr. McGraw, the great grandson of the 127-year-old company's founder, had served as the New York-based firm's chief executive until November 2013, when, per company policy, he retired at the age of 65. He will stay on as chairman emeritus.

Charles "Ed" Haldeman, who ran Freddie Mac in the aftermath of the financial crisis of 2008, has been tapped to take over as chairman, the company said. Mr. Haldeman, 66 years old, is currently on McGraw Hill's board and previously served as the chief executive of the Federal Home Loan Mortgage Corporation from 2009 to 2012.

The board has decided to propose Mr. Haldeman as the company's next chairman ahead of the April meeting.

Write to Timothy W. Martin at timothy.martin@wsj.com

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