What is the main reason for the director changes?

The changes are due to the company's established age-based retirement policy for directors, which is outlined in its Corporate Governance Guidelines.

Are these retirements unexpected or a cause for concern?

No, these are expected retirements based on the company's policy and are a normal part of corporate governance. They are not indicative of any performance issues or unexpected events.

Who is taking over the role of Chair of the Compensation Committee?

Director Kimberley Harris has been appointed as the new Chair of the Compensation Committee, succeeding Mark Winkelman.

When will these changes take effect?

The directors' retirements will be effective at the 2023 Annual Meeting of Shareholders. The appointment of Kimberley Harris as Compensation Committee Chair will become effective upon Mark Winkelman's retirement.

GOLDMAN SACHS GROUP INC 8-K: Leadership Changes

Summary

This 8-K filing from Goldman Sachs Group, Inc. (GS) primarily announces routine changes in its Board of Directors related to its age-based retirement policy. Specifically, Directors Drew Faust and Mark Winkelman are retiring from the Board at the upcoming 2023 Annual Meeting of Shareholders, a decision formally accepted by the Board on March 3, 2023. This is a standard procedural event driven by the company's governance guidelines.

Key Highlights

1Directors Drew Faust and Mark Winkelman are retiring from the Board at the 2023 Annual Meeting.
2The retirements are in accordance with the company's age-based retirement policy.
3The Board accepted the proposed retirements on March 3, 2023.
4Kimberley Harris, currently a Director, will be appointed as the new Chair of the Compensation Committee.
5The appointment of Ms. Harris as Compensation Committee Chair is effective upon Mr. Winkelman's retirement.

GOLDMAN SACHS GROUP INC 8-K Report, Executive Changes (Mar 6, 2023)

Summary

Key Highlights

Frequently Asked Questions