Goldman Sachs Eyes John Waldron as Successor to CEO David Solomon

Goldman Sachs' board of directors is reportedly in the final stages of planning a leadership transition that would see Chief Operating Officer John Waldron succeed David Solomon as chief executive officer, potentially in late 2027 or 2028. According to a report citing sources familiar with the matter, Solomon, 64, would then transition to serve as executive chairman of the board for a period of one to two years.

The potential leadership change comes after Solomon's tenure, which began in October 2018. His time as CEO has been marked by significant challenges, including partner departures, internal scrutiny over his public activities such as his DJing side gig, and a costly and ultimately abandoned expansion into consumer lending that resulted in approximately $7 billion in losses.

Despite these difficulties, Solomon has overseen a substantial rebound for the firm. By pivoting away from the consumer banking venture and re-emphasizing Goldman Sachs' core strengths in dealmaking, trading, and wealth management, the bank's stock value has quadrupled during his leadership. This strategic refocus has propelled the company's shares to record highs.

Waldron, 57, has been president and COO since 2018 and has long been considered a potential successor. To ensure his continued presence and commitment, Goldman Sachs reportedly awarded both Waldron and Solomon significant retention bonuses totaling $80 million in January 2025. Waldron was also added to the board of directors.

His ascension to CEO would trigger a series of other significant leadership shifts within the firm. Chief Financial Officer Denis Coleman has already begun absorbing some of Waldron's operational responsibilities, including oversight of human resources and an artificial intelligence initiative aimed at enhancing internal productivity. The role of president, which would become vacant, is also a key position that the board will need to fill. Potential candidates for this No. 2 role include Marc Nachmann, head of the asset and wealth management division, and the co-heads of global banking and markets, Ashok Varadhan and Dan Dees. Dees recently played a role in securing Goldman Sachs the lead underwriting position for the SpaceX initial public offering.

A spokesperson for Goldman Sachs declined to comment on the succession plans.