David Solomon, the veteran investment banker has been appointed as the new Chief Executive Officer for Goldman Sachs. Solomon will replace Lloyd C. Blankfein who has operated the firm since 2006 and will and remain chairman until the end of 2018. However, on October 1he will hand over the role to Solomon.
The company expects to begin a sequence of management improvements in the upper ranks of the firm with Solomon’s appointment as the new Chief Executive chooses his lieutenants. Increasing the bank revenue by $5 billion over a three-year period will also be his responsibility.
Lloyd Blankfein could get as much as $84.7 million in compensation when he leaves for work for 36 years in Goldman Sachs Group Inc. $35 million and $43.5 million are the target values for Blankfein’s performance cash grants and share awards. He even has $6.2 million in pension and deferred compensation as of the fiscal year-end.