Goldman confirms COO David Solomon to replace Blankfein as CEO, chairman

Goldman Sachs Group Inc. said Lloyd Blankfein will down as chief executive on Sept. 30 after about 12 years in the role, and retire as chairman and from the firm at the end of the year. The bank named David Solomon to succeed Blankfein in both roles. Solomon was previously co-chief operating officer since 2016, and before that was global co-head of the investment banking division since 2006. Blankfein will be given the title of senior chairman after his retirement, and Solomon will join the board on Oct. 1. "The board has been engaged in a multi-year succession process, and we are confident that David will build off the firm‘s strong financial, risk management and franchise position," said Adebayo Ogunlesi, lead director of the board of directors. The stock slipped 0.3% in premarket trade. It has gained 1% over the past 12 months, while the SPDR Financial Select Sector ETF has rallied 10.6% and the Dow Jones Industrial Average has climbed 15.9%.