8-KLeadership ChangesExhibits & Filings

GOLDMAN SACHS GROUP INC 8-K Report, Executive Changes (Sep 19, 2012)

Filed September 19, 2012For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

This Form 8-K filing from The Goldman Sachs Group, Inc. (GS) announced a significant change in its executive leadership. David A. Viniar, the long-serving Executive Vice President and Chief Financial Officer (CFO), has decided to retire effective January 31, 2013. Mr. Viniar will transition from his CFO role but will remain with the company in a different capacity, having been appointed to the Board of Directors effective the same date. To fill the crucial CFO position, the Board has appointed Harvey M. Schwartz, who currently serves as the global co-head of Goldman Sachs’ Securities Division. Mr. Schwartz's appointment as CFO will also be effective January 31, 2013, coinciding with Mr. Viniar's retirement. This leadership transition signals continuity and internal promotion within the firm's senior ranks.

Key Highlights

  • 1David A. Viniar, EVP and CFO, will retire effective January 31, 2013.
  • 2Harvey M. Schwartz will be appointed EVP and CFO, effective January 31, 2013.
  • 3Mr. Schwartz's compensation will include an annual salary of $1,850,000 plus eligibility for annual variable compensation.
  • 4Mr. Viniar will join the Board of Directors effective January 31, 2013, upon his retirement from the CFO role.
  • 5Mr. Schwartz has a long tenure at Goldman Sachs, joining in 1997 and holding various senior positions, including global co-head of the Securities Division since 2008.
  • 6The company provided a press release dated September 18, 2012, as an exhibit to this 8-K detailing these changes.

Frequently Asked Questions

The filing states that David A. Viniar has determined to retire from his position as Executive Vice President and Chief Financial Officer, effective January 31, 2013. The specific reasons for his retirement are not detailed beyond his decision to retire.

Harvey M. Schwartz will succeed David A. Viniar as the Executive Vice President and Chief Financial Officer, effective January 31, 2013. Mr. Schwartz has been with Goldman Sachs since 1997 and has held significant leadership roles, including global co-head of the Securities Division since 2008. He has a strong track record within the firm, having also served in investment banking and client relationship management.

Harvey M. Schwartz will receive an annual salary of $1,850,000 and will be eligible for annual variable compensation as the new Executive Vice President and Chief Financial Officer.

Yes, upon his retirement as CFO, David A. Viniar has been appointed to the Board of Directors, effective January 31, 2013. This indicates he will continue to contribute to the company in a governance capacity.