The New Crop of Potential Blankfein Successors at Goldman Sachs

Cohn’s Successors at Goldman: Is Two Better Than One?

Goldman Sachs Group Inc. on Wednesday promoted Chief Financial Officer Harvey Schwartz and investment-bank co-head David Solomon, positioning them as potential heirs to Chief Executive Officer Lloyd Blankfein.

The company also announced that Martin Chavez will succeed Schwartz as CFO and named two new vice chairmen: Richard J. Gnodde, who helps run investment banking and Europe, and Pablo J. Salame, who helps oversee the securities unit. Here’s a little bit about each of them:

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Harvey M. Schwartz

Harvey M. Schwartz

Source: Goldman Sachs Group Inc.

Old Title: Chief Financial Officer

New Title: President and Co-Chief Operating Officer

Age: 52

Education: Bachelor’s degree from Rutgers University; MBA from Columbia University

Citizenship: U.S.

Year Joined: 1997

Career Path: Joined as a vice president in the currency and commodities-trading unit before being named partner in 2002. In June 2004, took over as co-head of the Americas financing group in investment banking. Became head of North America sales in November 2005 and global head of securities division sales in 2007. Named co-head of the securities division in 2008, before ascending to CFO in January 2013.

Fun fact: Credited in Elizabeth Gilbert’s best-selling novel "Eat, Pray, Love" with helping the author buy a house for a friend in Indonesia.

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David M. Solomon

David M. Solomon

Source: Goldman Sachs Group Inc.

Old Title: Co-Head of Investment Banking

New Title: President and Co-Chief Operating Officer

Age: 54

Education: Bachelor’s degree from Hamilton College

Citizenship: U.S.

Year Joined: 1999

Career Path: Joined in 1999 as a partner and co-head of the high-yield debt and leveraged-finance division before becoming co-head of equity capital markets in 2002. Became co-head of investment banking in July 2006.

Fun fact: A wine collector who earned the title of Mr. Gourmet 2010 from the Society of Bacchus America.

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R. Martin Chavez

R. Martin Chavez

Source: Goldman Sachs Group Inc.

Old Title: Chief Information Officer

New Title: Chief Financial Officer

Age: 52

Education: Bachelor’s and master’s degrees from Harvard University; doctorate from Stanford University

Citizenship: U.S.

Year Joined: 1993 (returned in 2005 after five-year absence)

Career Path: First joined in the currency and commodities division as a senior energy strat, creating mathematical models for traders. Left in 2000 and founded Kiodex Inc., which offers risk-management services to energy companies. Rejoined in 2005 as a managing director in the investment banking division and named partner the next year. Was global co-chief operating officer of the equities franchise and global co-head of securities division strats until becoming chief information officer in 2013. Member of Goldman Sachs’s Hispanic/Latino and LGBT networks.

Fun fact: Had never been east of his native New Mexico before attending Harvard University, where his favorite class was “Literature of the Weimar Republic.”

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Pablo J. Salame

Pablo Salame

Source: Goldman Sachs Group Inc.

Old Title: Co-Head of Securities

New Title: Vice Chairman

Age: 50

Education: Bachelor’s degree from Brown University

Citizenship: U.S. (native of Ecuador)

Year Joined: 1996

Career Path: Joined the emerging-markets currency-trading group in 1996. Was named partner and co-head of the global emerging markets debt group in 2000 before moving to London in 2002, later becoming co-manager of global credit, mortgages, emerging-markets trading and equity derivatives. Was named global co-head of the securities unit in 2008 and returned to New York in 2011. Leads the firm’s partnership committee.

Fun fact: An alum of Nick Bollettieri’s tennis academy, Salame once lost a
match to Boris Becker.

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Richard J. Gnodde

Richard J. Gnodde

Source: Goldman Sachs Group Inc.

Old Title: Chief Executive Officer of Goldman Sachs International

New Title: Vice Chairman

Age: 56

Education: Bachelor’s degree from the University of Cape Town; master’s from the University of Cambridge

Citizenship: South Africa and Ireland

Year Joined: 1987

Career Path: Joined the European mergers-and-acquisitions franchise in London in 1987 and eventually led the investment-banking division in Europe. Named co-head of the investment-banking division in Japan in 1997 before being named partner in 1998. Moved to Hong Kong in 1999 to become president of the bank’s Asia franchise, helping it secure access to China’s securities markets. Returned to London in 2005 and was named co-CEO of Goldman Sachs International in 2006. Added the role of co-head of investment banking in 2011.

Fun fact: Member of the board of trustees of the Kew Foundation, which raises money for the Royal Botanic Gardens.

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