Goldman Sachs' board is reportedly discussing a plan for John Waldron to be promoted to CEO as early as the end of 2027. The timing of a formal decision has not been determined, and progress on a detailed proposal, including retention terms, is being closely watched.
The board of Goldman Sachs Group is reportedly discussing a plan centred on promoting President and COO John Waldron to CEO as early as the end of 2027, in the final stage of a succession plan that has been prepared over many years. The WSJ reported the direction of the plan, citing multiple people familiar with the matter, and formal approval is required from the board. The timing remains fluid, with procedures potentially moving forward over the next several months. The report prompted a slight rise in the share price in Tuesday's premarket trading.
Waldron is 57 and has long been regarded as a leading succession candidate at the company. He has driven operations as president and COO since 2018, after receiving a series of promotions in the investment banking division in 2014 and becoming president and COO in October 2018. A proposal including an $80 million retention bonus has reportedly been included in the succession plan, indicating an aim to retain him as part of the company's future succession arrangements.
CEO Solomon has avoided stating when he will step down and currently appears in no hurry to do so. The share price reacted temporarily to the report, but the market has generally maintained a cautious view. Results are scheduled to be announced on 13 October, and future developments are expected to be reassessed around the earnings announcement.