Goldman Sachs' Schwartz to replace Viniar as CFO
Tuesday, September 18, 2012
NEW YORK (AP) — Goldman Sachs Group Inc.'s chief financial officer is retiring, and his replacement is a longtime executive at the investment bank.
David Viniar, 57, is stepping down after 32 years with Goldman, the last 12 as CFO. Harvey M. Schwartz, 48, will replace him at the end of January, the bank said Tuesday
After Viniar leaves the post, he will join Goldman's board as a non-independent director.
Schwartz served most recently as the global co-head of Goldman's securities division. He joined the firm as a vice president in 1997, became a managing director in 1999, and was named partner in 2002.
In his new role, Schwartz will have oversight of operations, technology and finance at the bank. He will also serve as co-head of the Firmwide Risk Committee.
Schwartz "has deep experience in credit, liquidity, market and operational risk," Goldman Sachs Chairman and CEO Lloyd C. Blankfein said. "Harvey's risk management judgment and broad understanding of our business and our clients have defined his career, and will be the basis of his strengths as an effective CFO."
Viniar made "extraordinary contributions" to Goldman Sachs and "represents the very best of Goldman Sachs and its culture," Blankfein said.
The announcement was made after shares of Goldman slipped 2 cents to close at $119.88. The stock lost another 19 cents, to $119.69, in after-hours trading.
Goldman, which is based in New York, said Viniar is the longest-serving chief financial officer of a major Wall Street financial institution.
He joined Goldman in 1980 in the Investment Banking Division. He assumed responsibility for the firm's financing activities in the Treasury Department in 1992 and for the Controllers Department in 1994. From 1998 until 1999, Viniar was deputy CFO.
Before becoming global co-head of Goldman's securities division, Schwartz was global head of the division's sales operations. Before that, he was co-head of the Americas Financing Group within Goldman's investment banking business, which centralizes financing-related advice, origination and execution for clients.
With Viniar set to join the company's board as a non-independent member, Goldman said it expects to appoint additional independent directors "in the near term."
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