CNN, July 17, 2018: Goldman Sachs names David Solomon as next CEO
David Solomon, the company’s president, will take over for Lloyd Blankfein as CEO starting in October, Goldman Sachs said Tuesday. Blankfein will also step down as chairman at the end of the year and Solomon will take over that role beginning in 2019 as well.
“David is the right person to lead Goldman Sachs. He has demonstrated a proven ability to build and grow businesses, identified creative ways to enhance our culture and has put clients at the center of our strategy,” Blankfein said in a statement Tuesday.
“Through the talent of our people and the quality of our client franchise, Goldman Sachs is poised to realize the next stage of growth,” Blankfein added.
Solomon, 56, is in many ways a traditional pick.
He arrived at Goldman in 1999 after leading the investment banking division at Bear Stearns. Solomon then climbed through Goldman’s ranks, and he was selected to head up its investment banking unit for a decade beginning in 2006.
When Gary Cohn left Goldman to become President Trump’s chief economic adviser last year, Solomon was promoted to president along with CFO Harvey Schwartz. The two were believed to be competing internally for the top job before Schwartz announced his retirement in March, clearing the way for Solomon.
