Goldman Sachs Group, Inc. (NYSE: GS) has reportedly discussed a succession plan in which current CEO David Solomon would step down and hand the top job to President and Chief Operating Officer John Waldron. According to a report from the Wall Street Journal, citing people familiar with the matter, Solomon could step down as CEO as soon as next year. Under this proposed plan, Waldron would take over the role around late 2027 or in 2028.
Following the transition, Solomon is expected to become executive chairman for a period of one to two years. John Waldron has served as Goldman’s president and chief operating officer since 2018. Meanwhile, the company has recently shifted some of Waldron’s COO responsibilities to the finance chief, Denis Coleman.
David Solomon became Goldman’s CEO on October 1, 2018, succeeding Lloyd Blankfein. Under his leadership, the company’s shares have gained over 308%. A Goldman Sachs spokesman, Tony Fratto, stated that the board “regularly discusses succession, as we disclose in our filings.” However, the spokesman added that “there is no definitive timeline for succession at Goldman Sachs” and characterized any assertions about timing as speculation.
On Monday, the stock closed 2.05% lower at $916.28 and rose 0.05% in extended trading.
