A new chief operating officer and a new chief finance officer have been appointed by Goldman Sachs, a US bank. The top team shake-up comes as David Solomon, the incoming chief executive officer, prepares to take control of the firm.
The announcement of the leadership revamp has been keenly awaited by many.
The scene for renewal across the top ranks of Goldman Sachs was set last July when the company announced that Lloyd Blankfein, the chief executive of the bank, would be stepping down at the end of September after taking the lead of the iconic Wall Street bank for 12 years.
The bank appointed Stephen Scherr as its new finance chief. He will be taking the place of Martin Chavez.
Chavez has served as the finance chief of the bank since May of last year. He will be returning to the trading division of the bank where he be taking the role of one of the three co-heads of the said division.
Meanwhile, John Waldron will become the president and chief operating officer of the firm. He was previously the co-head of the investment banking division of the bank.
In a statement, Solomon stated: “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.”
Lloyd Blankfein, stated: “I am confident that John and Stephen will represent a strong, effective management team under David’s leadership.”
Last July, Solomon was appointed as the successor of Blankfein as the chief executive officer of Goldman, having seen off the challenge of Harvey Schwartz, his co-chief operating officer, who abruptly stepped down from the firm last March March.
Solomon will be taking the top job of the bank starting on the 1st of October. He will be facing challenges such as attempting to generate another $5 billion (£3.8 billion) in annual revenue, improve its nascent consumer bank, and change the way on how it approaches trading.