Laurence Stein, the executive vice president and chief operating officer (COO) of Goldman Sachs (NYSE:GS) Asset & Wealth Management, has announced his retirement after a 27-year-long tenure at the firm.
Will Bousquette is set to take over Stein's duties as COO of the Asset & Wealth Management division at Goldman Sachs. Bousquette, who has been with Goldman Sachs since 1998, was previously the COO of Global Banking & Markets. He will report to Marc Nachmann, who is the firm's global head of asset and wealth management.
In a statement issued on Monday, Stein expressed his gratitude for having had the opportunity to work in every business of Goldman Sachs. "Over the past 27 years, it has been a privilege to make a positive impact on this extraordinary institution," Stein said.
During his tenure at Goldman Sachs, Stein held many different positions, including COO of the Securities Division. He led the firm's adaptation to a changing regulatory landscape following the enactment of Dodd-Frank. He also co-chaired Goldman Sachs' Americas Inclusion and Diversity Committee and served as a mentor to many individuals within the firm.
Goldman Sachs chief executive David Solomon paid tribute to Stein's contributions in a statement: “Throughout his long tenure at the firm, Laurence has demonstrated outstanding dedication and made a lasting impact in every business and team he has been involved in.”
In other recent changes at Goldman Sachs Asset Management, Patrick O’Donnell was named as managing director and global co-head of consultant relations. O’Donnell formerly worked at BlackRock Inc (NYSE:BLK)., where he was managing director and senior leader in the global consultant relations team. He joins Lauren Oakes as co-head of the consultant relations team. In addition, Aurin Bhattacharjee and Jamison Hill have been named managing directors in sustainable investing.
Despite the change in leadership, Goldman Sachs' stock is up by 0.1%. However, the stock has seen a decrease of 4.9% in 2023, compared to a 4.7% increase by the Dow Jones Industrial Average.
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