8-KLeadership Changes

GOLDMAN SACHS GROUP INC 8-K Report, Executive Changes (Sep 16, 2019)

Filed September 16, 2019For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

This 8-K filing from Goldman Sachs Group Inc. (GS) announces significant changes in its senior accounting and risk management roles, effective November 4, 2019. Brian J. Lee, currently the Controller and Principal Accounting Officer, will transition to the position of Chief Risk Officer. This move suggests a strategic alignment of financial expertise with the firm's risk oversight functions. Concurrently, Sheara J. Fredman will assume the role of Controller and Chief Accounting Officer. Ms. Fredman, who has a long tenure with Goldman Sachs and has held prominent positions within the Controllers department, including Head of Regulatory Controllers, brings extensive experience to this critical financial stewardship role. Her compensation package includes a $950,000 annual salary and eligibility for variable compensation, reflecting the importance of her new responsibilities.

Key Highlights

  • 1Brian J. Lee appointed Chief Risk Officer, effective November 4, 2019.
  • 2Lee's previous role was Controller and Principal Accounting Officer since March 2017.
  • 3Sheara J. Fredman appointed Controller and Chief Accounting Officer, effective November 4, 2019.
  • 4Fredman's annual salary will be $950,000, plus eligibility for annual variable compensation.
  • 5Fredman has significant experience within Goldman Sachs' Controllers department since 2002, including Head of Regulatory Controllers.
  • 6Fredman achieved Managing Director status in 2008 and Partner status in 2012.

Frequently Asked Questions

Goldman Sachs announced that Brian J. Lee will move from Controller and Principal Accounting Officer to Chief Risk Officer, and Sheara J. Fredman will be appointed as the new Controller and Chief Accounting Officer. Both changes are effective November 4, 2019.

Brian J. Lee's transition from Principal Accounting Officer to Chief Risk Officer signifies a potential strategic focus on integrating deep financial reporting knowledge with the firm's overall risk management framework. This move could indicate a desire to strengthen risk oversight with strong accounting expertise.

Sheara J. Fredman has a long history with Goldman Sachs, joining in 2002 and rising through the Controllers department to become Head of Regulatory Controllers. She was made a Partner in 2012. Her compensation as Controller and Chief Accounting Officer will include an annual salary of $950,000 and eligibility for annual variable compensation.

Both the appointment of Brian J. Lee as Chief Risk Officer and Sheara J. Fredman as Controller and Chief Accounting Officer are effective as of November 4, 2019.