Goldman Sachs Group Inc. (GS)’s David A. Viniar, the longest-serving chief financial officer of a major Wall Street firm, will retire at the end of January and be replaced by Harvey M. Schwartzfrom the sales and trading unit.
Viniar, 57, will join the New York-based bank’s board of directors when he retires, the company said in a statement today. Schwartz, 48, will assume oversight of operations, technology and finance as well as co-head of the firm-wide risk committee, the company said. Schwartz has worked at Goldman Sachs since 1997.
“I have sought Harvey’s advice on risk judgments and market knowledge for a long time and I know he will be an outstanding chief financial officer,” Viniar said in the statement. “I look forward to continuing to contribute to Goldman Sachs as a member of our board of directors.”
Goldman Sachs was the most profitable securities firm in Wall Street history before converting to a bank in 2008. Viniar helped steer the firm through the financial crisis and guided the company through its initial public offering in 1999.
The firm plans to appoint more independent directors to the board in the near future, according to the statement.