Summary
Goldman Sachs Group, Inc. (GS) announced a significant leadership transition regarding its Chief Financial Officer (CFO) role. Stephen M. Scherr, the current CFO, has announced his decision to retire from the position effective December 31, 2021. This marks the end of his tenure as CFO, a crucial financial steward for the firm. In conjunction with Mr. Scherr's retirement, the Board of Directors has appointed Denis P. Coleman III as the new CFO, effective January 1, 2022. Mr. Coleman brings a wealth of experience, having been with Goldman Sachs since 1996 and most recently serving as co-head of the Global Financing Group within the Investment Banking Division. His extensive background in various financing and capital markets roles positions him to lead the firm's financial operations.
Key Highlights
- 1Stephen M. Scherr, current CFO, will retire on December 31, 2021.
- 2Denis P. Coleman III appointed as the new CFO, effective January 1, 2022.
- 3Mr. Coleman has been with Goldman Sachs since 1996, holding various leadership positions.
- 4Mr. Coleman's prior role was co-head of the Global Financing Group in the Investment Banking Division.
- 5The new CFO will receive an annual salary of $1,500,000 plus eligibility for annual variable compensation.
- 6The company provided a press release, furnished as Exhibit 99.1, detailing these changes.