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One of Two Likely Successors to Lloyd Blankfein Announces His Retirement

By NexChange
Capital Markets

When the Wall Street Journal broke the news last week that Lloyd Blankfein could be stepping down as chief executive of Goldman Sachs by the end of the year, it was also reported that Goldman would only be considering two candidates to succeed him: Harvey Schwartz and David Solomon (pictured), co-presidents of the firm.

That list of candidates has now been cut in half. Goldman announced on Monday that Schwartz will be retiring on April 20th, clearing the way for Solomon to succeed Blankfein as the next CEO of the firm.

Per the announcement:

“Over his 20-year career at Goldman Sachs, Harvey has held leadership roles across a broad range of the firm’s operations – from Securities and Investment Banking to the Executive Office, where he served as Chief Financial Officer; and most recently, as President and Co-Chief Operating Officer. Harvey’s work ethic, command of complexity, and client focus have defined his career at the firm,” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs. “Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs. I want to thank Harvey for all he’s done for the firm.”

“I look forward to continuing to work closely with David in building our franchise around the world, serving our expanding client base and delivering strong returns for our shareholders,” said Blankfein.

Schwartz, 54, has been in his current role since January 2017.

Blankein, 63, reportedly shared his thoughts on the strengths and weaknesses of both Schwartz and Solomon at a February board meeting. Bloomberg reports that Blanfein picked Solomon at that meeting, likely leading Schwartz to opt for retirement.

It should be noted that while Solomon, 56, appears a lock to be the next CEO of Goldman, he could always leave and pursue his DJ career full time.

Photo: Fortune Conferences/Flickr

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