In a bid to steady the ship after the announced early departure of Gary Cohn, Goldman Sachs will promote two staff to take up the duties of President and Co-Chief Operating Officers. Harvey Schwartz, who is the current Chief Financial Officer and David Solomon, the Co-Head of the Investment Banking Division, will take over the mantle when Cohn leaves the firm in April. Goldman Sachs will also promote its Chief Information Officer, Marty Chavez, to take over as CFO from Schwartz. Richard Gnodde and Pablo Salame have also been promoted, to vice chairmen. Gnodde will continue serving as Co-Chief Executive Officer of Goldman Sachs International and Co-Head of the International Banking Division. Salame will also continue his current position as Global Co-Head of the Securities Division.
“These five leaders have distinguished themselves in their respective areas of expertise and I look forward to working with them in formulating and executing our global strategy,” said Blankfein. “They have consistently demonstrated their unwavering commitment to Goldman Sachs, our clients and our people.”
The loss of Cohn was unexpected, as many had anticipated he would take over the role of chairman from Lloyd Blankfein. Cohn will be the director of the National Economic Council and assistant to the president on economic policy when Donald Trump takes over office. His departure continued the trend of early exits of senior management from the firm in the last year. Michael Sherwood, Vice Chairman of the Goldman Sachs group and Co-CEO of Goldman Sachs International announced his retirement at the end of the year. He had been projected as a likely candidate for CEO of the group. Mark Schwartz, Vice Chairman of the Goldman Sachs Group, Inc and Chairman of Goldman Sachs Asia Pacific also announced his departure. The firm’s share price was down 0.7 percent at $237 in pre-market trading.