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Goldman Names New President, CFO as Blankfein Prepares to Exit

The bank is reshuffling its leadership as Lloyd Blankfein prepares to retire as chairman and CEO at the end of this month.

Goldman Sachs Group announced that John Waldron will become president and chief operating officer at the start of next month, one of three new appointments as the bank prepares for the retirement of its long-time chief executive, Lloyd Blankfein.

Under the leadership reshuffling, Stephen Scherr, who is CEO of Goldman Sachs Bank USA, will become chief financial officer on November 5, a date timed to follow the filing of its third-quarter earnings, according to the firm's statement Thursday. The bank's CFO, Martin Chavez, will become vice chairman and co-head of the securities division alongside Ashok Varadhan and Jim Esposito.

Goldman announced in July that co-COO David Solomon is replacing Blankfein as chairman and chief executive officer at the end of this month. 

“I am confident that John and Stephen will represent a strong, effective management team under David’s leadership,” Blankfein, said in the statement.  “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.” 

[II Deep Dive: Lloyd Blankfein Steps Down as Goldman Sachs CEO]

Blankfein, who is retiring after more than 12 years as CEO, said Waldron, Scherr and Chavez bring “deep, critical experience to their new roles.” 

Waldron joined Goldman in 2000 and has been co-head of investment banking since 2014. He has filled other senior roles at the bank, including global co-head of the financial sponsors group, co-head of leveraged finance, and co-head of the media and entertainment group within investment banking.

Chavez, Goldman’s CFO since last year, had previously held the roles of global co-chief operating officer of the bank’s equities franchise, and chief information officer, according to the statement.

Scherr has been CEO of Goldman Sachs Bank USA since 2016, and also serves as the head of the consumer and commercial banking division. He has led the effort to build a digital consumer business, where the bank said it sees the opportunity for meaningful new growth.

“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, the incoming CEO, said in the statement. He said that Chavez’s experience as CIO and CFO will be “critical” in helping to ensure Goldman’s securities division is “best positioned to serve our clients, develop market-leading electronic platforms and deploy our capital effectively.”

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