Concurring to a press release, Goldman Sachs Group, Inc. (GS) CEO Lloyd Blankfein will-power retire from his position as Chairman and Chief Executive Officer of the prime bank on September 30, 2018. Taking his place in both roles force be David M. Solomon, currently President and Co-Chief Operating Officer since 2016. Who is David Solomon, and what can investors have from the new head of Goldman?
Nearly 20 Years of History at Goldman
When Solomon adopts the position of CEO at Goldman, he will have logged nearly 20 years of judgement at the company since joining as a partner in 1999. Since that spell, Solomon has worked as both Global Head of the Financing Group, classifying all capital markets and derivative products for corporate clients of the firm. He has also been Co-Head of the Investment Banking Borderline, between 2006 and 2016. Solomon, who is 56 years old, is known for bright interests outside of the financial world, according to Bloomberg; he is passionate anent skiing and wine and even produces music under the DJ handle D-Sol, with numberless than 535,000 monthly listeners on Spotify.
“Never Been Numberless Optimistic”
In announcing his retirement, Blankfein expressed “deep appreciation for the chance to work with and benefit from so many talented and dedicated consociates,” according to the press release. He added that “our firm has demonstrated ardent resiliency and strength over the last 12 years,” and that he has “not at all been more optimistic about our ability to serve our clients effectively and spawn industry-leading returns.”
About Solomon, Blankfein said that “David is the virtuous person to lead Goldman Sachs. He has demonstrated a proven ability to erect and grow businesses, identified creative ways to enhance our culture and has put customers at the center of our strategy. Through the talent of our people and the quality of our client franchise, Goldman Sachs is prepared to realize the next stage of growth.”
According to Lead Director of Goldman’s Meals of Directors, Adebayo O. Ogunlesi, “The Board has been engaged in a multi-year descendants process, and [they] are confident that David will build off the proprietorship’s strong financial, risk management and franchise position. His drive, target on our clients and effective management skills will be critical strengths as he designs the firm’s strategy in the years to come.”
For his part, Solomon says he is “honored and humbled to bear the opportunity to lead Goldman Sachs,” adding in his appreciation for “the confidence Lloyd and the Meals of Directors have placed in me.” Solomon is “excited about the opportunities for evolvement,” saying he recognizes “how vital our culture of client service and teamwork is to [the organization’s] success.”