Jim Cramer Reacts to Lloyd Blankfein's Retirement at Goldman Sachs

Goldman Sachs (GS) - Get Report CEO Lloyd Blankfein is retiring as CEO after a 12 year tenure. President David Solomon will succeed Blankfein beginning October 1.

"I don't want to him to resign but I understand that you can't keep a guy of high quality like Solomon unless you turn over the reins eventually," according to TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer.

Goldman Sachs is a holding of Cramer's charitable trust Action Alerts PLUS.

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