Goldman Sachs Reshuffles Top Executive Positions

(RTTNews) - Goldman Sachs Group Inc.'s (GS) new CEO David Solomon has reshuffled the top leadership roles as he gets ready to takeover the company. The company on Thursday announced the appointment of John Waldron as its new President and Chief Operating Officer, effective October 1. The company also appointed Stephen Scherr as its Chief Financial Officer, effective November 5.

Martin Chavez will become Vice Chairman of the firm and Co-Head of the Securities Division with Ashok Varadhan and Jim Esposito.

CEO Lloyd Blankfein, who will step down on September 30 and will be succeeed by Solomon, 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."

"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," said David Solomon, in-coming Chief Executive Officer.

"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.

Waldron has been serving as Co-Head of the Investment Banking Division (IBD) since 2014, while Scherr has served as Chief Executive Officer of Goldman Sachs Bank USA since 2016 and is also Head of the Consumer & Commercial Banking Division.