Here's the letter penned by outgoing Goldman CEO Lloyd Blankfein and incoming CEO David Solomon:
We are pleased to announce that John E. Waldron will become the president and chief operating officer of Goldman Sachs, effective October 1, and that Stephen M. Scherr will become chief financial officer, effective November 5 following the filing of our third quarter results.
John and Stephen will work closely with David to develop and execute our strategy, grow our client franchise, ensure strong risk and capital management and safeguard our unique culture. Having worked together over the course of their careers at the firm in a number of different businesses, John and Stephen bring the right complement of skills to help lead the firm through their respective roles.
John has played a critical role in sustaining and enhancing our global position in M&A and underwriting since being named co-head of the Investment Banking Division (IBD) in 2014. As a long-tenured leader in IBD, John has helped us to develop many of the firm's most important client relationships and to drive our global coverage strategy.
John previously served as global head of Investment Banking Services/Client Coverage for IBD. Prior to that, while based in London, he was global co-head of the Financial Sponsors Group from 2007 to 2009. Before that, he co-headed Leveraged Finance from 2005 to 2007 and co-headed the Media and Entertainment Group in IBD from 2002 to 2005. He joined Goldman Sachs in 2000 and was named managing director in 2001 and partner in 2002.
John serves on the Management Committee, Firmwide Client and Business Standards Committee, Firmwide Business Planning Committee, IBD Executive Committee and IBD Client and Business Standards Committee.
Stephen has been chief executive officer of Goldman Sachs Bank USA since 2016. He is also head of the Consumer & Commercial Banking Division. In that role, Stephen has led our effort to build a digital consumer business that represents a significant opportunity to serve millions of new customers and meaningful new growth for Goldman Sachs.
He chairs the Goldman Sachs Bank USA Management Committee and serves on the Management Committee, Firmwide Risk Committee, Firmwide Finance Committee and Firmwide Investment Policy Committee.
Stephen joined Goldman Sachs in 1993 as an associate in the Financial Institutions Group. In 1996, he transferred to Emerging Markets/Capital Markets in the Fixed Income, Currency and Commodities Division. Over the next several years, Stephen held a number of senior roles across the firm, including as chief operating officer for the Investment Banking Division, global head of the Financing Group from 2008 to 2014, head of our Latin American business and the firm's chief strategy officer from 2014 to 2017. He was named managing director in 2001 and partner in 2002.
John and Stephen have been exceptional leaders and have distinguished themselves in their commitment to our culture of teamwork and client service. Please join us in congratulating both of them and wishing them continued success.
Goldman Sachs is a holding in Jim Cramer's Action Alerts PLUS.