Among those moving into new roles are Rob Goldstein, a 20-year BlackRock veteran, who will be taking on the role of chief operating officer from Charlie Hallac, a longtime veteran of the company who has been battling colon cancer and will be stepping out of his role to become co-president of BlackRock. They will assume their new roles June 1.
Goldstein, who currently serves as global head of the asset management firm's institutional client business, will be replaced in that role by Mark McCombe, current chairman of BlackRock Asia Pacific, a role he will keep until the end of the year. McCombe will also become chairman of BlackRock Alternative Investors.
Both Goldstein and McCombe are among those who are tipped as possible successors to Fink, in addition to Kapito, Global iShares head Mark Wiedman, Chief Financial Officer Gary Shedlin, and Global head of Alpha Strategies, Quintin Price.
BlackRock said in the memo the shuffle fits into its strategy of the past five years of challenging its executives by putting them in roles that broaden their horizons and maximize their impact with the firm and its clients.
"Periodically moving leaders to new roles as part of this process was a key rationale for the re-organization of the firm in 2012 and is a key driver of the management changes we are announcing today," the memo said.
Read MoreBlackRock CEO warns top US firms—don't overdo givebacks
In 2012, the company expanded its senior leadership team and reorganized its investment and client-facing businesses in an effort to spur organic growth. In that move, BlackRock replaced its portfolio management group with five new investment groups.
Other moves announced on Sunday include the promotion of Rich Kushel to chief product officer. Kushel is currently head of strategic product management. He will also continue to oversee the BlackRock Investment Institute and the company's corporate governance and responsible investment team.
Ryan Stork, global head of the Aladdin business within BlackRock Solutions, will become head of BlackRock Asia Pacific, based in Hong Kong, beginning next year.
Read MoreMaster limited partnerships are attracting billions from firms like BlackRock
Ken Wilson moves to the role of chairman of Alpha Strategies at BlackRock, after serving as chairman of BlackRock Alternative Investors since its creation.
BlackRock said Salim Ramji, a senior partner at McKinsey & Co., will join the firm later this month as global head of corporate strategy.
Patrick Olson, who is global head of strategy and planning, will become COO of Europe the Middle East and Africa (EMEA) and join the EMEA executive committee.
BlackRock is scheduled to report its first-quarter financial results on April 17.