Goldman's board has discussed plan to name John Waldron as next CEO

NEW YORK: Goldman Sachs' board has discussed a plan for David Solomon to step down as chief executive and be replaced with chief operating officer John Waldron as soon as next year, the Wall Street Journal reported on Monday, citing people familiar with the matter.

CEO succession has become a key focus for investors across Wall Street. At JPMorgan Chase, attention has centered on when Jamie Dimon may step aside, while investors have also monitored leadership planning at Bank of America under Brian Moynihan, one of the longest-serving chiefs among major US banks.

Solomon had been expected by senior staff to do 10 years in the CEO role, meaning he would likely stay in the position until 2028, a source familiar with the matter said. He was named CEO in October 2018.

A spokesperson for Goldman Sachs declined to comment on the report. Its shares were little changed in after-hours trading.

According to the WSJ report, discussions have involved Waldron taking over around the end of 2027 or in 2028.

Under the plan, Solomon would remain executive chairman for one to two years after stepping down from the CEO role, according to the report.

The proposal would require approval from the bank's board, and its timing could change, the report said.