Goldman Sachs' board of directors is reportedly finalizing a succession plan that would see Chief Operating Officer John Waldron elevated to chief executive, replacing current CEO David Solomon. The transition could occur as early as next year, with a blueprint suggesting Waldron would assume the top job in late 2027 or 2028. This follows a report from the Wall Street Journal, citing sources familiar with the discussions. Last year, the board reportedly offered Waldron $80 million to remain at Goldman, indicating their view of him as the likely successor.
Under the proposed plan, David Solomon, who has served as CEO since October 2018 and is currently 64, would transition to an executive chairman role for one to two years after stepping down. This move aligns with previous expectations among some senior staff that Solomon might serve a 10-year term, making a 2028 transition consistent with that timeline. The exact timing and formal approval of this plan are still fluid and subject to the board's decision.
Leadership succession planning is a significant focus for investors across the financial industry, with similar attention being paid to other major U.S. banks like JPMorgan Chase and Bank of America. While Goldman Sachs declined to comment on the matter, the news of Waldron's potential promotion underscores the long-held view that he is the heir apparent for the CEO position.
