Goldman Sachs Group Inc. (GS)’s Kevin W. Kennedy, a member of the company’s management committee and head of the Latin America group, is retiring at year-end.
He will step down after 37 years at the New York-based firm, the last 10 as a member of the management committee, according to an internal memo obtained by Bloomberg News. He’ll be replaced as head of Latin America by Stephen M. Scherr and as co-chair of the commitments committee by Andrew A. Chisholm, according to another memo. Andrea Rachman, a spokeswoman, confirmed the contents of the memos and had no further comment.
Kennedy’s “commitment to the firm, his outstanding service to our clients and his impact on our people over the course of almost four decades is the legacy he leaves to future generations of Goldman Sachs,” according to the memo, signed by Chief Executive Officer Lloyd C. Blankfein and Chief Operating Officer Gary D. Cohn.
Kennedy was named partner in 1984, became co-head of the commitments committee in 1990 and, in 2001, joined the management committee, which is now composed of more than 30 of the firm’s most senior executives.
Kennedy joined Goldman Sachs in the corporate finance department in 1974 and rose to become head of the business from 1988 to 1994, according to the memo. He also ran the Americas for the investment bank, was named to head the newly formed human capital management division in 2001, and in 2008 took over control of Latin America, according to the memo.
Scherr, global head of the financing group within the investment banking division, will retain that role and, as head of Latin America, focus on the markets that have “tremendous potential” for the firm, according to the memo. He became partner in 2002.
Chisholm will co-chair the commitments committee, a panel that weighs the risk of capital markets transactions, with Gregg Lemkau, according to the memo. Chisholm, who became partner in 1998, will retain his role as global co-head of the financial institutions group.
Reuters reported on the personnel changes yesterday.