NEW YORK (From the New York Business Journal) -- Harold "Terry" McGraw III has decided to step down as chairman of the board for McGraw Hill Financial after more than three decades with the company.

McGraw's great-grandfather founded the company in 1888, and he joined the company in 1980 before becoming CEO from 1998 to 2013, Bloomberg said in its report.

Officially, McGraw, 66, will retire on April 29, the report said, and McGraw Hill's board is expected to nominate Ed Haldeman as his replacement for election at the company's annual meeting in April.

Along with McGraw's transition to a "chairman emeritus" title, the company is also rumored to be considering changing its name, The Wall Street Journal reported. It's not clear when such a change might take place, and the WSJ quoted a spokesperson saying that CEO Douglas Peterson "has no point of view on the matter."

Should it move forward changing the name -- its current name dates back only to 2013 -- the report said it would likely use some reference to Standard & Poor's, its profit-generating ratings unit.