Goldman weighs leadership change, strikes union deal

By Lauren Tara LaCapra, Reuters

Senior executives within Goldman Sachs (GS.N) have talked about splitting the roles of chief executive officer and chairman, two sources said, although pressure for any imminent move appears to have eased after a deal with a labor union pension fund.

Proposals to separate the CEO and chairman roles have long been sought by outside groups, but two people familiar with management thinking provided the first indication that internal discussions about such a move have taken place.

A Goldman Sachs sign is seen on at the company's post on the floor of the New York Stock Exchange, January 18, 2012. REUTERS-Brendan McDermidUnder a restructure, President Gary Cohn would take the chief executive officer role and Vice Chairman J. Michael Evans would be elevated to president, leaving current CEO and Chairman Lloyd Blankfein with only the chairman role, the two sources said. The sources declined to be identified because they were not authorized to speak publicly.

Pressure for such a move may have eased after one of the country’s largest labor unions said on Tuesday it had withdrawn a shareholder proposal to split the chairman and CEO jobs after Goldman agreed to alter its board structure.

In addition, Blankfein, who has held both positions since 2006, still has powerful allies on the board and within the firm.

 

http://www.reuters.com/

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>