Goldman Sachs Group has named Stephen Scherr as its new Chief Financial Officer replacing Martin Chavez.
The bank also named John Waldron as its president and chief operating officer.
Waldron’s appointment will be effective Oct. 1 once David Solomon takes over from outgoing Chief Executive Officer Lloyd Blankfein, while Stephen Scherr will take over the reins from Nov. 5 after the filing of the company’s third quarter results.
Lloyd C. Blankfein, Chief Executive Officer, said “John, Stephen and Marty each bring deep, critical experience to their new roles.
As the firm prepares for the next phase of growth, I am pleased that Marty will help lead our Securities business as it continues to undergo rapid transformation, and I am confident that John and Stephen Scherr will represent a strong, effective management team under David’s leadership.”
“John and Stephen will work closely with me to develop and execute our strategy, grow our client franchise, ensure strong risk and capital management and safeguard our unique culture,” said David M. Solomon, in-coming Chief Executive Officer. “I have worked with John and Stephen for nearly two decades and am confident that they bring the right complement of skills to help lead the firm through their respective roles.”
“Marty’s unique experience as Chief Information Officer and Chief Financial Officer will be critical to helping lead Securities and ensuring that we are best positioned to serve our clients, develop market-leading electronic platforms and deploy our capital effectively,” Mr. Solomon continued.
Stephen has served as Chief Executive Officer of Goldman Sachs Bank USA since 2016 and is also Head of the Consumer & Commercial Banking Division. In that role, Stephen has led Goldman Sachs’ effort to build a digital consumer business that represents significant opportunity to serve millions of new customers and meaningful new growth for the firm.
Stephen Scherr joined Goldman Sachs in 1993 as an associate in the Financial Institutions Group. In 1996, he transferred to Emerging Markets/Capital Markets in the Fixed Income, Currency and Commodities Division. Over the next several years, Stephen held a number of senior roles across the firm, including as Chief Operating Officer for the Investment Banking Division, Global Head of the Financing Group from 2008 to 2014, Head of the Latin American business and the firm’s Chief Strategy Officer from 2014 to 2017. He was named managing director in 2001 and partner in 2002.