8-KLeadership ChangesExhibits & Filings

GOLDMAN SACHS GROUP INC 8-K Report, Executive Changes (Dec 21, 2018)

Filed December 21, 2018For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

This 8-K filing from The Goldman Sachs Group, Inc. (GS) details the formal agreement surrounding Lloyd C. Blankfein's transition from his executive role to Senior Chairman, effective January 1, 2019. This marks a significant leadership change for the firm, as Mr. Blankfein steps down from his executive duties after a long tenure. His new role as Senior Chairman will involve advisory functions for the Board and management, client outreach, and other strategic activities, rather than day-to-day operational responsibilities. Importantly for investors, the agreement specifies that Mr. Blankfein will not receive a salary or incentive compensation in his new capacity. He will continue to receive benefits generally provided to the firm's Participating Managing Directors. The company will also continue to provide him with a firm-provided car and security driver through December 31, 2019, for security purposes. This filing formally documents the terms of his post-executive role and associated benefits.

Key Highlights

  • 1Lloyd C. Blankfein transitions to Senior Chairman of Goldman Sachs effective January 1, 2019.
  • 2Mr. Blankfein's new role is advisory, serving as a resource for the Board and management.
  • 3Activities in the Senior Chairman role include client outreach, speaking engagements, and other agreed-upon functions.
  • 4Mr. Blankfein will not receive any salary or incentive compensation as Senior Chairman.
  • 5He will continue to receive benefits generally provided to the firm's Participating Managing Directors.
  • 6Goldman Sachs will provide Mr. Blankfein with a car and security driver through December 31, 2019, for security purposes.

Frequently Asked Questions

The primary purpose of this 8-K filing is to formally announce and detail the terms of the agreement between The Goldman Sachs Group, Inc. and Lloyd C. Blankfein regarding his transition to Senior Chairman and his retirement from executive duties.

As Senior Chairman, Mr. Blankfein will not receive any salary or incentive compensation. He will, however, continue to receive benefits generally provided to the firm's Participating Managing Directors.

In his new role as Senior Chairman, Mr. Blankfein will act as a resource for the Board and firm management. His responsibilities may include providing advice, client outreach, performing speaking engagements, office visits, and other mutually agreed-upon activities.

Yes, for security purposes, the Board has determined that Mr. Blankfein will continue to use a firm-provided car and security driver through December 31, 2019.