The Next Goldman C.E.O. Could Be a Banker Who Moonlights as a D.J.
- 6 years ago
The Next Goldman C.E.O. Could Be a Banker Who Moonlights as a D.J.
Goldman Sachs Group said on Monday that Harvey M. Schwartz would retire, likely clearing the way for his fellow president
and co-chief operating officer, David M. Solomon, to become the company’s next chief executive.
The surprise announcement reflected a decision by Goldman’s board of directors in late February to anoint Mr. Solomon as the eventual
successor to the bank’s current chief executive, Lloyd C. Blankfein, according to people briefed on the board’s decision.
At the meeting, Mr. Blankfein, who has run Goldman for nearly 12 years, said
that he had not yet decided when he would step down, according to someone briefed on that meeting.
Mr. Schwartz was informed Friday that Mr. Solomon had won the board’s backing, said the people briefed on the board’s decision.
Mr. Schwartz, who was previously Goldman’s chief financial officer
and global co-head of its securities division, plans to retire in April, the company said.
“I want to thank Harvey for all he’s done for the firm.”
The Wall Street Journal reported last week that Mr. Blankfein was preparing to step down as soon as the end of this year.
“Harvey has been a mentor to many, and his influence has made an indelible impact on generations
of professionals at Goldman Sachs,” Mr. Blankfein said in a news release.
Mr. Solomon, 56, joined Goldman Sachs in 1999 and was previously co-head of its investment banking division
Goldman Sachs Group said on Monday that Harvey M. Schwartz would retire, likely clearing the way for his fellow president
and co-chief operating officer, David M. Solomon, to become the company’s next chief executive.
The surprise announcement reflected a decision by Goldman’s board of directors in late February to anoint Mr. Solomon as the eventual
successor to the bank’s current chief executive, Lloyd C. Blankfein, according to people briefed on the board’s decision.
At the meeting, Mr. Blankfein, who has run Goldman for nearly 12 years, said
that he had not yet decided when he would step down, according to someone briefed on that meeting.
Mr. Schwartz was informed Friday that Mr. Solomon had won the board’s backing, said the people briefed on the board’s decision.
Mr. Schwartz, who was previously Goldman’s chief financial officer
and global co-head of its securities division, plans to retire in April, the company said.
“I want to thank Harvey for all he’s done for the firm.”
The Wall Street Journal reported last week that Mr. Blankfein was preparing to step down as soon as the end of this year.
“Harvey has been a mentor to many, and his influence has made an indelible impact on generations
of professionals at Goldman Sachs,” Mr. Blankfein said in a news release.
Mr. Solomon, 56, joined Goldman Sachs in 1999 and was previously co-head of its investment banking division