Goldman Sachs ECM Chairman John Daly to Retire After 28 Yearsby
Daly to become advisory director, maintain client relations
Firm has been among equity issuance leaders in recent years
Goldman Sachs Group Inc.’s chairman of global equity capital markets, John Daly, is retiring from his role after 28 years at the firm.
Daly will become an advisory director, maintaining relationships with long-term clients and providing guidance to the firm’s ECM bankers, according to an internal memo sent Tuesday and confirmed by a Goldman Sachs spokeswoman.
After starting at the firm in 1988, Daly moved to equity capital markets in 1993 and worked out of New York for seven years and Hong Kong for four years. Prior to his current role, he became head of ECM for the Americas in 2012.
Goldman Sachs has been one of the leaders in equity issuance -- including initial public offerings and additional offerings -- ranking in the top three globally in five of the past seven years, according to data compiled by Bloomberg. The firm has been left-lead underwriter on large deals such as Kinder Morgan Inc.’s $3.3 billion IPO in 2011 and Twitter Inc.’s $2.1 billion share sale in 2013.
The New York-based company has also secured other notable roles such as a lead position behind Morgan Stanley on Snap Inc.’s impending public offering, according to people familiar with the matter.
“John has played a significant role in growing and developing our ECM franchise around the world,” Richard Gnodde and John Waldron, Goldman Sachs’s co-heads of investment banking, wrote in the memo.
Daly took over the global chairman role in February 2016. He was succeeded by David Ludwig and Pete Lyon to run the equity capital markets business in the Americas.
There are no immediate plans to fill the global chairman role, the firm’s spokeswoman said.