Following the release of its Q3 earnings on Tuesday, Goldman Sachs CEO David Solomon pushed back against recent reports that a leadership change is underway at the bank.
The 65-year-old’s remarks came after a report indicating that Goldman’s board considered a plan for Solomon to step down around 2027 or 2028, possibly allowing his longtime deputy, John Waldron, to take over.
Waldron, Goldman’s COO, was reportedly considering leadership roles at alternative asset managers Apollo and Carlyle. Meanwhile, Goldman allegedly offered him an $80 million retention package through 2030, with rumors of a CEO leadership change expected around then.
Speaking to investors, Solomon stated, “There is no succession transition or timeline underway at Goldman Sachs,” adding that he is “really enjoying the job.”
His comments follow Goldman spokesman Tony Fratto’s September statement that there is “no definitive timeline for succession” at the bank.
On Tuesday, the bank’s third-quarter profits rose 29% from the prior year, with net earnings of $17.01 per share, far exceeding analysts’ forecast of $13.50 per share. Total net revenue increased 23% to $18.7 billion, while analysts expected $16.4 billion.
Under Solomon, who became CEO in 2018, Goldman shares are up more than 300%.
Goldman Sachs’ shares opened flat Wednesday following the comments from Soloman.
By CEO NA Editorial Staff
