Header Ads

Breaking News

R. Martin Chavez, Senior Goldman Sachs Executive, Will Retire

R. Martin Chavez, one of Goldman Sachs’s most senior executives, will retire from the firm at the end of the year, the latest in a string of departures since the appointment of a new chief executive at Goldman last year.

Mr. Chavez, a 19-year veteran of Goldman, was co-head of its securities division and, before that, its chief financial officer. A technology maven and onetime energy trader, he had been regarded as a candidate to one day become chief executive. Mr. Chavez, one of the few openly gay men in a top job on Wall Street, was also a leader in the firm’s efforts to build a more diverse and inclusive work force.

Over the past year, Mr. Chavez has led an overhaul of Goldman’s trading technology, part of an effort to help the firm better serve corporate clients.

In October, David M. Solomon, the firm’s president and former co-head of its investment-banking division, was made chief executive. One of his priorities is for Goldman to pursue a wider range of clients and offer a wider array of services.

Mr. Chavez is the latest trading executive to leave Goldman since Mr. Solomon’s promotion. Others include Pablo Salame and Isabelle Ealet. After his retirement, Mr. Chavez will become a senior director of the firm.

In a memo distributed to employees on Tuesday, Mr. Solomon and his two top lieutenants, John Waldron and Stephen M. Scherr, praised Mr. Chavez’s “strong commitment to our clients” and “passionate” advocacy for Goldman’s technological engineers.

Mr. Chavez’s replacement as co-head of the securities division will be Marc Nachmann, currently a co-head of investment banking.

Source link

No comments