David Viniar Knows Goldman Sachs All Too Well
A lifetime association with the bank raises questions about the independence of its new lead director.
David Viniar of Goldman Sachs. Smart, definitely. Independent? Well...
Photographer: Andrew Harrer/Bloomberg
David Viniar is a highly respected former executive who knows Goldman Sachs Group Inc. inside out. He should do: He worked there for more than three decades, including more than 13 years as chief financial officer, and he’s been a non-executive director for more than a decade since stepping down. Such expertise and familiarity no doubt make Viniar an excellent sounding board for Chief Executive Officer David Solomon and other executives and non-executives. But, to call him “independent” as a board director stretches any reasonable idea of the word’s meaning.
Last week, Goldman Sachs named him as the lead independent director, the second-most powerful board position after Solomon’s combined chairman and CEO role. Viniar replaces Adebayo Ogunlesi, who quit after selling his infrastructure investment firm to BlackRock Inc. and joining the asset manager’s executive team.