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Marty Chavez, a veteran Goldman Sachs executive who helped transform the firm's technology division, is leaving the bank.
Chavez, who was co-head of the bank's trading division, will retire at the end of 2019, according to a memo sent to employees Tuesday.
The move comes a year after Chavez's ascent at Goldman appeared to stall. That's when incoming Chief Executive Officer David Solomon named Stephen Scherr as his chief financial officer, replacing Chavez in that role. He then became one of three securities division co-heads, an area which has suffered from an industry-wide slump in trading revenue.
Chavez joined Goldman in 1993 in the J. Aron commodities trading division, leaving after a few years to found a Silicon Valley start-up. He returned to Goldman in 2005 and served in a number of roles that blended his technology chops with trading and investment banking roles. He served as chief information officer from 2014 until 2017, when he was named chief financial officer.
"He has been a passionate advocate for engineers throughout the firm, redefining our clients' experience with software and data," Solomon said in the memo.
For years, Chavez has been outspoken on the need for the financial industry to become more like giant technology firms in its approach to coding and serving clients. He has also been a leading voice about efforts to replace people with automation in trading and other areas.
During ex-CEO Lloyd Blankfein's long tenure, Chavez was often named among potential executives who could eventually lead the company. The move Tuesday was first reported by the Wall Street Journal.
Marc Nachmann will take his place in the securities division, according to a separate memo.
Here's the memo:
September 3, 2019
R. Martin Chavez to Retire From Goldman Sachs
After almost 19 years of distinguished service at Goldman Sachs, Marty Chavez, global co-head of the Securities Division and a member of the Management Committee, will retire from the firm at the end of the year. We are pleased that he will become a senior director at that time.
Marty first joined Goldman Sachs in 1993 in the J. Aron Currency and Commodities Division, where he was a senior energy strat until 1997. He returned to the firm as a managing director in Investment Banking Division Strats in 2005, later becoming global co-head of Securities Division Strats and then global co-chief operating officer of the Equities franchise. Marty was named partner in 2006.
In 2013, Marty was named chief information officer of the firm, setting the firm's engineering standards and leading our engineers across all divisions globally. In 2017, Marty became chief financial officer, managing the firm's capital and liquidity, including leading our efforts in CCAR and other important processes. Most recently, Marty has helped lead the Securities Division and has been at the forefront of the evolving market structure in FICC and Equities.
Throughout his career at the firm, Marty has demonstrated a strong commitment to our clients, business and people. He has been a passionate advocate for engineers throughout the firm, redefining our clients' experience with software and data. The firm has also benefitted greatly from Marty's cross-divisional experience and his deep insight into regulatory reform, market structure and operational infrastructure.
Marty has been an outstanding role model and mentor to many. He has also been a strong advocate for the firm's diversity and inclusion efforts, including as a member of the Firmwide Hispanic/Latino Network and the Lesbian, Gay, Bisexual and Transgender (LGBT) Network. In particular, Marty has been a dedicated and passionate leader in promoting LGBT inclusion both in and outside the workplace.
Outside the firm, Marty serves on the Board of Overseers of Harvard University, the Stanford Medicine Board of Fellows, the Board of Trustees of the Institute for Advanced Study and the Board of Directors of the Los Angeles Philharmonic.
Please join us in thanking Marty for his outstanding contributions to Goldman Sachs, our clients and our people, and in wishing him and his family the very best for the future.
David M. Solomon
John E. Waldron
Stephen M. Scherr