The decision on who will lead Goldman Sachs Group Inc. (GS) - Get Report was likely not made last minute, according to TheStreet's founder and Action Alerts Plus portfolio manager Jim Cramer.

On Monday, March 12, Cramer took to Twitter to explain how the decision likely went down.

According to Cramer, Lloyd Blankfein, who will exit his role as CEO as soon as this year, made a recommendation for his successor in current co-President David Solomon. The Goldman board decided at its February meeting to follow Blankfein's recommendation in choosing Solomon over the other co-President Harvey Schwartz, though no time frame was established. 

The investment bank announced earlier Monday that Schwartz will retire from his position April 20.

"Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs," Blankfein said in the statement. "I look forward to continuing to work closely with David in building our franchise around the world, serving our expanding client base and delivering strong returns for our shareholders."

The announcement came just days after The Wall Street Journal, citing people familiar with the matter, reported that Blankfein was preparing to depart, possibly later this year. Later in the day, Blankfein appeared to distance himself from the story, asserting that it was the Wall Street Journal's announcement, not his.

Schwartz and Solomon have long been considered the two most likely successors following Blankfein's eventual departure from Goldman Sachs. The two men were appointed co-presidents in December 2016, after Blankfein understudy Gary Cohn left the bank to take the position as the Trump administration's top economic adviser.

Goldman stock climbed 0.52% to $272.81 in midday trading Monday. Shares have rallied 6.9% since the start of this year. 

--Bradley Keoun contributed to this report.

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