Goldman Sachs' board of directors is finalizing a succession plan that would promote Chief Operating Officer John Waldron to chief executive, replacing David Solomon as early as next year, according to a report by the Wall Street Journal. The plan indicates Waldron could assume the role in late 2027 or 2028. Solomon, 64, would transition to executive chairman of the board for one to two years. The timeline for this transition remains fluid, but directors may formally approve it in the coming months.
Solomon has led the firm through a challenging period marked by partner departures, internal dissatisfaction regarding his side career as a DJ, and a costly venture into consumer lending, which resulted in a loss of approximately $7 billion. Recently, he has refocused the bank on its traditional strengths in dealmaking, trading, and wealth management, leading to a significant increase in the bank’s stock price, which has quadrupled since he took over in October 2018.
Waldron, 57, has been president and COO since 2018 and is considered the heir apparent. To retain him after he engaged in discussions with Apollo Global Management and Carlyle, Goldman awarded both Waldron and Solomon $80 million retention bonuses in January 2025 and added Waldron to the board of directors.
Waldron's promotion will initiate a significant leadership transition within the firm. Finance Chief Denis Coleman has begun taking on some of Waldron’s operational responsibilities, including overseeing human resources and an artificial intelligence initiative called “OneGS 3.0” aimed at enhancing internal productivity.
Waldron’s rise will also create a vacancy in the presidency, prompting the board to consider candidates for the No. 2 role without risking the departure of key executives. Potential candidates include Marc Nachmann, who leads the asset and wealth management division, and Ashok Varadhan and Dan Dees, co-heads of global banking and markets. Dees has recently increased his visibility within the firm by securing Goldman Sachs the lead role on the SpaceX initial public offering. A Goldman Sachs spokesperson declined to comment.