Goldman Sachs board reportedly weighs CEO succession plan

Goldman Sachs’ board has reportedly discussed a plan to replace CEO David Solomon with president John Waldron as early as next year, according to a Wall Street Journal report cited by CNBC. The move would reportedly make Solomon executive chairman if approved. The bank is coming off a strong run, with major merger advisory work and solid equities revenue helping reinforce its position on Wall Street. Still, the succession process may be complicated by Solomon’s influence inside the firm and uncertainty over whether he is ready to step aside. Waldron has also drawn outside interest from other firms, and Goldman previously offered him a large retention package to keep him in place. Governance experts quoted in the report said the situation highlights the tension that can arise when a successful CEO and a likely successor both have incentives to wait.