Goldman Sachs Group Inc. said Stuart Bernstein, head of the clean technology and renewables and the venture capital coverage groups, is retiring from the firm after 24 years.
Bernstein, 51, will leave in June and become an advisory director, according to an internal memo Wednesday from investment banking co-heads Richard Gnodde, David Solomon and John Waldron. Ken Hirsch, head of investment-banking services for the technology, media and telecommunications group, will also take on Bernstein’s venture capital role.
Bernstein spent 17 years in equities underwriting, becoming a managing director in 1999 and a partner the next year. As head of clean technology, he’s led New York-based Goldman Sachs’s effort to finance $40 billion of renewable energy in a decade. The initiative began in 2012.
Goldman Sachs was the top-ranked adviser on announced mergers and acquisitions for the fifth straight year in 2014, according to data compiled by Bloomberg. It ranks second behind JPMorgan Chase & Co. this year.
Chris Buddin, a managing director who joined the bank in 2011 from Credit Suisse Group AG, will replace Bernstein as head of the clean technology and renewables group.
Michael DuVally, a spokesman for the bank, confirmed the contents of the memo. The New York Times reported the moves earlier Wednesday.