Overview
- Multiple outlets reported on Sept. 29 that Goldman Sachs’ board is finalizing a blueprint to elevate President and COO John Waldron to CEO as early as late 2027 or 2028, with a formal vote possible in coming months.
- Waldron has been viewed as the heir apparent since his 2018 promotion to president and COO, received an $80 million retention award in January 2025, and was added to the board as part of steps to keep him at the firm.
- As COO Waldron led OneGS 3.0, an AI-driven operational program introduced in 2025 designed to boost productivity and contain headcount growth, and he is widely expected to continue the firm’s current strategic focus.
- The proposed handover would leave Solomon, who rebuilt results after a costly consumer-banking push that lost about $7 billion, with outsized influence as executive chairman and raises governance questions if he resists stepping back.
- The timing would trigger a high-stakes internal reshuffle for the president/No.2 role, put pressure on retention of top lieutenants, and make the board’s formal vote, Waldron’s patience, and any outside offers the key near-term risks to watch.