Goldman Sachs Weighs Waldron Succession Amid Strong Stock Performance

Goldman Sachs' board has been discussing a possible handover of CEO duties to Chief Operating Officer (COO) John Waldron, who is also the bank's president. The plan involves Waldron taking over as CEO around late 2027 or 2028, with current CEO David Solomon likely staying on as executive chairman for one to two years.

The board has been weighing the risks of losing executives who may miss out on promotions, including banking and markets co-heads Dan Dees and Ashok Varadhan, and asset and wealth management head Marc Nachmann. Goldman's stock has more than quadrupled since Solomon took over in 2018, while a broader index of bank stocks has gained around 67% during the same period.

The retention award given to Waldron in January 2025, worth $80 million, was seen as a move by the bank to keep him from leaving. Over the past year, Goldman has been shifting parts of his COO role to CFO Denis Coleman, including the firm's AI overhaul, OneGS 3.0.