Investment banking giant Goldman Sachs Group, Inc. (GS: Quote) said Tuesday that its longtime chief financial officer David Viniar has decided to retire at the end of January.
Harvey Schwartz, who is currently the global co-head of the securities division, will succeed Viniar as chief financial officer, the New York-based company said.
After retiring as CFO, Viniar will join the Goldman Sachs board as a non-independent director.
The company said it expects to appoint additional independent directors to its board in the near term.
Viniar has been with Goldman Sachs for 32 years, the last 12 as chief financial officer. He joined the firm in 1980 in the investment banking division. From July 1998 until March 1999, Viniar was deputy chief financial officer. He took over as CFO in March 1999 heading into the investment bank's IPO. Viniar is the longest serving chief vinancial officer of a major financial institution on Wall Street, according to the company.
Not only Viniar prepared Goldman's every quarterly results as a public company, he was instrumental in steering the firm successfully through the 2008 financial crisis as one of the two surviving major investment banks along with Morgan Stanley (MS).
Schwartz joined Goldman Sachs as a vice president in 1997, became a managing director in 1999, and was named partner in 2002. Prior to his current position, Schwartz was global head of securities division sales.
"We are pleased that Harvey will become our new CFO," said Lloyd Blankfein, Chairman and CEO. "He has deep experience in credit, liquidity, market and operational risk. Harvey's risk management judgment and broad understanding of our business and our clients have defined his career and will be the basis of his strengths as an effective CFO."
"David has made extraordinary contributions to Goldman Sachs over a remarkable 32-year career. From helping to develop many of our most important risk management processes to attracting and mentoring generations of professionals to helping the firm manage through the financial crisis, David represents the very best of Goldman Sachs and its culture," Blankfein added.
Goldman shares, which have traded in a range of $84.27 to $128.72 over the past year, closed Tuesday's regular trading session at $119.88, down 2 cents. The shares remain unchanged in after hours trading.
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by RTT Staff Writer
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