Goldman Sachs Board Discusses CEO Succession Plan
The board at Goldman Sachs is reportedly working on a succession plan that could see Chief Operating Officer John Waldron taking over as CEO, succeeding David Solomon as early as next year.
According to a report from the Wall Street Journal, it is anticipated that Waldron would officially step into the role sometime between late 2027 and 2028. This information comes from sources familiar with the situation.
Solomon, who is 64, is expected to transition to the position of executive chairman for one to two years after stepping down. Although the schedule for this change remains somewhat uncertain, it’s possible that the board might formally endorse the plan in the near future.
This forthcoming handover marks the culmination of a challenging decade for Solomon. He faced a number of obstacles, including partner departures, some discontent regarding his side career as a DJ, and a costly venture into consumer lending that resulted in losses close to $7 billion before the firm backed away from retail banking.
On the brighter side, Solomon has recently orchestrated a significant recovery for the bank.
By moving away from consumer banking and refocusing on Goldman’s traditional strengths—like dealmaking, trading, and wealth management—he has propelled the company’s stock to new heights. In fact, the stock price has quadrupled since Solomon took on the role in October 2018.
Waldron, aged 57, has been the president and COO since 2018 and is widely viewed as the natural successor.
In prior years, Waldron had engaged in serious discussions with firms like Apollo Global Management and Carlyle, prompting Goldman to take swift action to retain him. To prevent his departure, the board granted both Waldron and Solomon retention bonuses of $80 million in January 2025 and appointed Waldron to the board of directors.
If Waldron’s promotion occurs, it will initiate a complex leadership restructuring. Finance Chief Denis Coleman has already begun taking on some of Waldron’s operational responsibilities, which now include overseeing human resources and an important AI initiative called “OneGS 3.0” aimed at boosting internal efficiency.
Moreover, Waldron’s rise would leave the presidency position vacant. The board now faces the intricate task of filling this critical role without alienating other top executives who might also aspire to it.
Leading candidates for this position include Marc Nachmann, who oversees the vital asset and wealth management division, as well as Ashok Varadhan and Dan Dees, co-heads of global banking and markets. Dees has recently elevated his standing within the firm by securing a prominent lead role in the upcoming SpaceX IPO.
In response to inquiries regarding the succession timeline, a Goldman Sachs spokesperson stated, “Of course the Board regularly discusses succession, as we disclose in our filings, but there is no definitive timeline for succession at Goldman Sachs. Any assertions about timing are just speculation.”
