Goldman Sachs reshuffles executive team ahead of Blankfein’s departure

Marty Chavez will step down as CFO to co-lead the trading business and will be replaced by John Waldron who currently heads up the investment banking division. 

US investment banking giant Goldman Sachs has named its new senior executive team as David Solomon prepares to become chief executive at the end of the month.

John Waldron, who currently heads up the investment banking division at Goldman Sachs, will take over Solomon’s former role as chief operating officer and president as of 1 October, according to a statement.

He has been with the company since 2000, and has held various senior positions including global head of investment banking services and client coverage and global co-head of financial sponsors group.

Marty Chavez will also step down as chief financial officer as part of the reshuffle, to become co-head of the bank’s trading business alongside Jim Esposito. Stephen Scherr, who currently serves as the chief executive officer of Goldman Sachs Bank USA, will assume the role of financial chief as of 5 November.

The appointment of a new leadership team comes ahead of Goldman Sachs’ long-standing CEO’s retirement. Lloyd Blankfein is due to retire on 1 October this year, and will be replaced by the bank’s current operating chief David Solomon. Blankfein has served as CEO at Goldman Sachs since 2006.  

“John, Stephen and Marty each bring deep, critical experience to their new roles,” Blankfein commented. ”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.”

Solomon added that Waldron and Scherr will work closely with him to develop and execute the bank’s strategy to grow its client franchise, ensure strong risk and capital management and safeguard Goldman’s 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,” Solomon added.

“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,” Mr. Solomon continued.