Goldman Sachs' board has reportedly discussed replacing CEO David Solomon, 64, with president John Waldron, 57, as early as next year, a succession plan that could be voted on in coming months, The Wall Street Journal reported late Monday. The transition would elevate Solomon to executive chairman and, according to Wells Fargo banking analyst Mike Mayo, would be one of the smoother and more deliberate leadership handovers seen on Wall Street. The move comes as Goldman sits atop Wall Street, advising on more than $1 trillion in merger deals and generating more than $12 billion in equities revenue in the first six months of the year alone, with shares up more than 300% under Solomon, who took over as CEO in 2018. Goldman spokesman Tony Fratto said there is no definitive timeline for succession at the bank. Analysts and governance experts warn of a key risk: Solomon may not be ready to give up his seat, and Waldron, who received an $80 million retention package lasting through 2030, may not be willing to wait indefinitely for the crown.
Goldman Sachs Group IncBoard reportedly weighing replacing CEO Solomon with Waldron, a leadership succession that could be voted on in coming months.
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