New York: Goldman Sachs Group Inc. said David Solomon will become sole president of the company, elevating him over Harvey Schwartz as the eventual successor to chief executive officer (CEO) Lloyd Blankfein.
Schwartz will leave the bank on 20 April, and Solomon will serve as the sole president and chief operating officer (COO), the New York-based bank said in a statement on Monday. The firm’s board discussed the idea of choosing a single COO under Blankfein at a meeting in February and settled on Solomon, according to a person aware of their discussions.
The question of Blankfein’s successor has been a topic of debate across the financial industry since Friday, when the Wall Street Journal reported that the CEO would step down this year. Blankfein later tweeted the announcement wasn’t his. Monday’s statement didn’t mention a timetable for his retirement. “I look forward to continuing to work closely with David in building our franchise…,” Blankfein, 63, said in the note.livemint