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Goldman Sachs Appoints Waldron to Board in Preparation for CEO Succession

Goldman Sachs appointed its President and Chief Operating Officer, John Waldron, to its board of directors one month after cementing his position as a potential successor to CEO David Solomon.

Waldron, 55, joins Solomon, 63, as the second member of the management committee to have a seat on the board. This move suggests more concrete succession planning, according to Stephen Biggar, a banking analyst at Argus Research.

Last month, Goldman awarded bonuses to Solomon and Waldron that vest in five years as part of its efforts to retain top leadership, the bank announced.

Waldron, in his role since October 2018, oversees the leaders of the bank's three main divisions. He previously served as co-head of investment banking, a position he assumed in 2014 after joining Goldman in 2000.

Former President Gary Cohn served as a director alongside Solomon's predecessor, Lloyd Blankfein, before departing in late 2016 to join President Donald Trump's administration as an economic adviser.

Additionally, Goldman announced the appointment of Accenture's former Chief Financial Officer, KC McClure, as an independent director of the board. McClure will join the board's audit, governance, and risk committees on April 1.

In the fourth quarter, Goldman Sachs reported its largest quarterly profit in over three years, attributed to increased deal fees from investment bankers and strong performance by its traders in active markets, as stated in January.