8-KLeadership ChangesExhibits & Filings

GOLDMAN SACHS GROUP INC 8-K Report, Executive Changes (Sep 14, 2018)

Filed September 14, 2018For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

This 8-K filing from Goldman Sachs Group Inc. announces significant leadership changes within the organization, effective in late 2018. John E. Waldron has been appointed President and Chief Operating Officer, a pivotal role overseeing the firm's operations. Stephen M. Scherr will transition to Executive Vice President and Chief Financial Officer, taking the helm of the company's financial strategy and reporting. These appointments represent a strategic reshuffling of top management. R. Martin Chavez, the outgoing CFO, will assume the role of Vice Chairman and Co-Head of the Securities Division, leveraging his experience in finance and technology. The filing details the compensation for the new roles, including base salaries and eligibility for variable compensation, and outlines the extensive prior experience of each executive within Goldman Sachs, highlighting their deep institutional knowledge and proven track records.

Key Highlights

  • 1John E. Waldron appointed President and Chief Operating Officer, effective October 1, 2018.
  • 2Stephen M. Scherr appointed Executive Vice President and Chief Financial Officer, effective November 5, 2018.
  • 3R. Martin Chavez moves from CFO to Vice Chairman and Co-Head of the Securities Division, effective November 5, 2018.
  • 4New executive appointments reflect a strategic re-alignment of senior leadership.
  • 5Annual base salary for both Mr. Waldron and Mr. Scherr is set at $1,850,000, with eligibility for annual variable compensation.
  • 6Mr. Chavez will continue to receive an annual salary of $1,850,000 and remain eligible for variable compensation in his new role.
  • 7The filing includes a press release as Exhibit 99.1 detailing these leadership changes.

Frequently Asked Questions

Goldman Sachs announced that John E. Waldron will become President and Chief Operating Officer, Stephen M. Scherr will become Executive Vice President and Chief Financial Officer, and R. Martin Chavez will become Vice Chairman and Co-Head of the Securities Division. These changes are effective in late 2018.

John E. Waldron will receive an annual salary of $1,850,000 and will be eligible for annual variable compensation in his new role as President and Chief Operating Officer.

Stephen M. Scherr has a long tenure at Goldman Sachs, joining in 1993. He has held various senior roles, including CEO of Goldman Sachs Bank USA, Head of the Consumer & Commercial Banking Division, Chief Operating Officer for Investment Banking Division, Global Head of the Financing Group, and the firm's Chief Strategy Officer. He was named a managing director in 2001 and a partner in 2002.

R. Martin Chavez, the current CFO, will transition to the role of Vice Chairman of the firm and Co-Head of the Securities Division. He will continue to receive his current base salary and remain eligible for variable compensation.