Goldman Sachs cemented President and Chief Operating Officer John Waldron as the successor to CEO David Solomon, one month after being given the retention bonus.
Waldron, 55, joins Solomon, 63, and holds a seat on the board of directors as the second member of the board of trustees.
“It appears that a stiffer succession plan is ongoing,” said Stephen Biggar, bank analyst at Argus Research.
The bonuses that were granted over five years were awarded to Solomon and Waldron by Goldman's board to maintain the top leader, the bank said last month.
President and Chief Operating Officer since October 2018, Waldron has overseen leadership in three major divisions of the bank. He previously served as co-head of investment banks. This was the role I envisioned in 2014 after joining Goldman in 2000.
Former president Gary Cohn previously served as director along with Solomon's predecessor Lloyd Blankfein.
Cohn left Goldman in late 2016 and joined President Donald Trump's first administration as economic adviser, leading the White House National Economic Council.
The bank also announced Wednesday that it had added Accenture's Chief Financial Officer KC McClure as independent board director.
Goldman Sachs won the largest quarterly profit in more than three years, while investment banks brought in more trading fees, while traders benefited from the active market, the company said in January.
