Goldman names company veterans as Cohn's successors

December 14, 2016 09:24 AM

Goldman Sachs Group Inc. on Wednesday named company veterans David Solomon and Harvey Schwartz presidents and co-chief operating officers to succeed Gary Cohn, who is set to head the White House National Economic Council.

The Wall Street investment bank said Chief Information Officer R. Martin (Marty) Chavez would replace Schwartz, who was the company's chief financial officer. Schwartz will remain CFO through the end of April 2017.

Solomon, a Bear Stearns veteran who joined Goldman in 1999, co-heads Goldman's investment banking division.

Cohn was widely considered Chief Executive Officer Lloyd Blankfein's heir apparent.

With the split of the role, Goldman has returned to a co-president, co-chief operating officer structure. Cohn had earlier served alongside Jon Winkelried in this arrangement, until Winkelried's departure from the firm in 2009.

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