Goldman Sachs has announced some big changes to its executive team on Friday. On Thursday the American investment bank revealed that three of the most important roles will now be held by executives who rose through the ranks through the firm’s investment banking unit.
The incoming CEO David Solomon has appointed John Waldron to the bank’s second most powerful role - Chief Operating Officer. He will also be the firm’s next president. Waldron’s new position will be effective from October 1, 2018.
Stephen Scherr, a veteran at the bank, will become the Chief Financial Officer. His position will become effective on November 5 after Goldman Sachs will have filed its third-quarter results. The final change concerns the current CFO, Martin Chavez, who Scherr will be replacing. Chavez will become Vice Chairman of the firm. He will also Co-Head the Securities Division with Ashok Varadhan and Jim Esposito.
Lloyd Blankfein, the current Chief Executive Officer of Goldman, said: “John, Stephen and Marty each bring deep, critical experience to their new roles. As the firm prepares for the next phase of growth, I am pleased that Marty will help lead our Securities business as it continues to undergo rapid transformation, and I am confident that John and Stephen will represent a strong, effective management team under David’s leadership.”
Who are the Appointees?
From left to right: Blankfein, Waldron, Scherr, and Chavez
Source: Bloomberg
Waldron initially joined Goldman Sachs in 2000. A year later he became managing director and then partner in 2002. Currently, Waldron is the Co-Head of the Investment Banking Division. He has held this position since 2014.
In 1993 Scherr first joined Goldman as an associate in the Financial Institutions Group. Three years later he transferred to Emerging Markets/Capital Markets in the Fixed Income, Currency and Commodities Division. During the years that followed, Scherr has held a number of senior roles. This includes his most recent position of Chief Executive Officer of Goldman Sachs Bank USA since 2016.
Chavez, on the other hand, is the current CFO, a position he has held since 2017. Chavez has been with the bank since 1993. He started off his career at the firm in the Currency and Commodities Division. Before becoming the CFO, he was the Chief Information Officer. Chavez has been a partner at Goldman since 2006.
David Solomon
Source: CNBC LLC
Speaking on the executive moves, the incoming CEO, David Solomon, added: “John and Stephen will work closely with me to develop and execute our strategy, grow our client franchise, ensure strong risk and capital management and safeguard our unique culture. I have worked with John and Stephen for nearly two decades and am confident that they bring the right complement of skills to help lead the firm through their respective roles.
“Marty’s unique experience as Chief Information Officer and Chief Financial Officer will be critical to helping lead Securities and ensuring that we are best positioned to serve our clients, develop market-leading electronic platforms and deploy our capital effectively.”
