Report: Investment bank "Goldman Sachs" discusses plan to replace CEO

A Wall Street Journal report reveals that Goldman Sachs' board of directors has discussed a plan to replace CEO David Solomon with John Waldron, the chief operating officer. The bank denies the existence of a defined timeline and calls the claims speculation, but sources point to a planned succession process.

A Wall Street Journal report reveals that the board of directors of investment bank Goldman Sachs has discussed a plan to replace CEO David Solomon. According to the plan, Solomon would vacate his role and move to serve as active chairman, while chief operating officer John Waldron would be appointed as the next CEO. Bank spokesman Tony Fratto responded that the board regularly discusses succession, but there is no defined timeline, and any claim about timing is speculation. However, a source who spoke with Reuters said that senior bank officials expected Solomon, 64, to serve in the role until 2028. According to the report, discussions focused on Waldron taking over around the end of 2027 or 2028. Waldron, 57, has long been considered Solomon's natural successor, and his position strengthened last year with his appointment to the board and a retention bonus. A Wells Fargo analyst noted that the succession process was unusually signaled in advance, and that Waldron is unlikely to change the strategy Solomon formulated. The bank beat earnings expectations in the second quarter.