Goldman Sachs' incoming Chief Executive Officer David Solomon has another big change in store.
Solomon has named Stephen Scherr as chief financial officer, replacing Martin Chavez, the firm said Thursday. Chavez, a technologist who has been CFO since May 2017, will return to the firm's trading division as one of three co-heads. He also was named vice chairman.
Solomon also named John Waldron as the bank's president and chief operating officer, a move that had been widely expected within the New York-based bank's ranks. Waldron had been a co-head of the firm's investment banking division, an ascendant business that Solomon himself came from.
The moves are Solomon's biggest since being formally named as CEO Lloyd Blankfein's successor earlier this year. He is putting his imprint on his direct reports ahead of taking over from Blankfein on Oct. 1. Among Solomon's challenges are to execute on a $5 billion revenue growth plan by expanding the firm's client base and pushing into consumer finance. Scherr had been head of the consumer and commercial banking division.