Goldman Sachs' John Waldron edges closer to succeeding David Solomon as CEO
New York: A year after Goldman Sachs Group Inc.'s board offered John Waldron $80 million to stay on for the top job, it is moving to ensure he does not have to wait too long.
The board has discussed a plan under which Waldron, currently chief operating officer, would succeed David Solomon as CEO as early as next year, the Wall Street Journal reported.
It is becoming increasingly apparent that Waldron, 57, long seen as the likely successor, is nearing the final step in his rise to the top of Goldman. Last year, the board signalled its view of Waldron's future when it awarded him a restricted stock package now worth nearly $120 million to stay for five more years - matching the incentive given to Solomon.
Read more: Mass layoffs at Goldman Sachs? President John Waldron says "digital agents will be our robots, human assembly lines to be more digitized"
But the timing has remained unclear. Solomon, 64, has been CEO for eight years. And while his early-tenure push into the consumer business faltered, the bank has been riding high in recent years, with its equity-trading desk hitting record after record and its investment bankers generating the highest fees since 2021.
Under the latest plan, Waldron could take over towards the end of 2027 or in 2028, the Journal said, citing people familiar with the matter who were not identified. Solomon would likely become executive chairman for about one or two years after stepping down as CEO.
"Of course the board regularly discusses succession, as we disclose in our filings, but there is no definitive timeline for succession at Goldman Sachs," Tony Fratto, a bank spokesman, said in an emailed statement. "Any assertions about timing are just speculation."
Waldron, who is also Goldman's president, joined the bank in 2000 and has steadily risen through the ranks. He ran the media and entertainment banking group before becoming head of leveraged finance.
He has also worked closely with Solomon throughout his career. In 2014, Waldron was elevated to head the investment bank alongside Solomon and Richard Gnodde. Bloomberg
The board has discussed a plan under which Waldron, currently chief operating officer, would succeed David Solomon as CEO as early as next year, the Wall Street Journal reported.
It is becoming increasingly apparent that Waldron, 57, long seen as the likely successor, is nearing the final step in his rise to the top of Goldman. Last year, the board signalled its view of Waldron's future when it awarded him a restricted stock package now worth nearly $120 million to stay for five more years - matching the incentive given to Solomon.
Read more: Mass layoffs at Goldman Sachs? President John Waldron says "digital agents will be our robots, human assembly lines to be more digitized"
But the timing has remained unclear. Solomon, 64, has been CEO for eight years. And while his early-tenure push into the consumer business faltered, the bank has been riding high in recent years, with its equity-trading desk hitting record after record and its investment bankers generating the highest fees since 2021.
Under the latest plan, Waldron could take over towards the end of 2027 or in 2028, the Journal said, citing people familiar with the matter who were not identified. Solomon would likely become executive chairman for about one or two years after stepping down as CEO.
"Of course the board regularly discusses succession, as we disclose in our filings, but there is no definitive timeline for succession at Goldman Sachs," Tony Fratto, a bank spokesman, said in an emailed statement. "Any assertions about timing are just speculation."
Waldron, who is also Goldman's president, joined the bank in 2000 and has steadily risen through the ranks. He ran the media and entertainment banking group before becoming head of leveraged finance.
He has also worked closely with Solomon throughout his career. In 2014, Waldron was elevated to head the investment bank alongside Solomon and Richard Gnodde. Bloomberg
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