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2018-03-12 10:06:02
David Solomon Set to Succeed Blankfein as Goldman C.E.O. as Rival Steps Down

Goldman Sachs said on Monday that Harvey M. Schwartz would retire from the financial services firm, clearing the way for his fellow president and co-chief operating officer, David M. Solomon, to become the company’s next chief executive.

In December 2016, Mr. Schwartz and Mr. Solomon, longtime managers of separate arms of the company, were put on an equal footing at Goldman amid a competition to determine which would succeed Lloyd C. Blankfein as Goldman’s chief executive.

In their roles as co-presidents, Mr. Schwartz and Mr. Solomon succeeded Gary D. Cohn, who left Goldman to join the Trump administration as director of the National Economic Council. Mr. Cohn announced his resignation from the Trump administration last week.

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.

“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. “I want to thank Harvey for all he’s done for the firm.”

Mr. Solomon joined Goldman Sachs in 1999 and was previously co-head of its investment banking division.