Goldman Sachs says no ‘definitive timeline’ for CEO David Solomon to step down

### Goldman Sachs Discusses John Waldron as Potential Successor to CEO David Solomon

Goldman Sachs is discussing a potential leadership transition that could eventually see President and Chief Operating Officer John Waldron succeed David Solomon as chief executive, according to reports citing people familiar with the matter. The bank, however, has stressed that no definitive timetable has been established.

The Wall Street Journal reported that Goldman’s board has discussed a plan under which Solomon could step down and Waldron could assume the CEO role as early as late 2027 or in 2028. Any such transition would require approval from the full board, and the reported schedule could still change.

Tony Fratto, Goldman Sachs’ global head of communications, said the board routinely discusses succession planning as part of its governance responsibilities. He said there is currently no definitive timeline for a change in leadership and described specific claims about the timing as speculation.

Solomon became Goldman Sachs’ CEO in October 2018. According to Reuters, some senior executives had expected him to remain in the position for roughly 10 years, which would place a potential transition around 2028.

Waldron has been widely viewed as a potential successor for several years. He joined Goldman Sachs in 2000 after beginning his career at Bear Stearns and has held a series of senior positions at the investment bank.

His responsibilities expanded significantly when he became president and chief operating officer. Waldron also joined Goldman’s board in 2025, further strengthening his position within the bank’s senior leadership structure.

Waldron and Solomon have worked closely on Goldman’s strategy, including efforts to streamline the organization and strengthen its core businesses. Reuters has reported that Waldron is not expected to make major strategic changes if he eventually becomes CEO, given his close involvement in the bank’s current direction.

Goldman’s board has previously taken steps to retain Waldron amid interest from other financial firms. In 2025, he received an $80 million retention package tied to a five-year commitment to the firm. Solomon received a similar retention package.

The retention arrangement followed reports that Waldron had held serious discussions with Apollo Global Management and other firms seeking to recruit him. The package, along with his appointment to the board, reinforced expectations that he would remain an important part of Goldman’s long-term leadership planning.

Analysts have also described Goldman’s succession process as relatively well signaled compared with some other major Wall Street banks. Wells Fargo analyst Mike Mayo has said Waldron’s potential elevation has been anticipated for some time.

A transition would nevertheless have implications beyond the CEO position. Goldman could face changes among other senior executives as responsibilities are redistributed following any move by Waldron to the top job.

Executives whose roles could potentially be affected include Dan Dees and Ashok Varadhan, co-heads of Goldman’s global banking and markets division, as well as Marc Nachmann, global head of asset and wealth management.

The succession discussion comes after a period of significant change under Solomon. His administration included Goldman’s expansion into consumer lending, a strategy that generated substantial losses and was subsequently scaled back as the bank returned its focus toward investment banking, trading and asset and wealth management.

Goldman has also undergone several reorganizations and changes among its senior partners during Solomon’s tenure. More recently, the firm has emphasized its traditional strengths in dealmaking, financial markets and asset and wealth management.

The bank’s stock performance has also been notable during Solomon’s tenure. Reuters reported that Goldman shares have risen substantially since he became CEO, although comparisons with broader banking indexes depend on the measurement period used.

If the reported succession plan eventually receives board approval, Solomon could remain involved with Goldman after leaving the CEO position. The Wall Street Journal has reported that he could serve as executive chairman for roughly one to two years following a transition.

For now, Goldman Sachs has not confirmed a departure date for Solomon or a formal appointment date for Waldron. The discussions nevertheless place succession planning at the center of attention as the investment bank prepares for its next phase of leadership.