Goldman Sachs will name president, David M. Solomon, to succeed Lloyd C. Blankfein as its next chief executive on Tuesday, sources familiar with the situation said.
The news will be disclosed to all the company’s managing directors in a conference call Tuesday morning, according to the sources, who declined to be identified speaking about management’s plans. The New York-based investment bank is also scheduled to report second-quarter earnings tomorrow.
The move allows Solomon, 56, to take further steps to put his own management team in place, according to the New York Times, which earlier reported that an announcement was coming this week. Blankfein, who presided over the investment bank during a tumultuous 12 years, will stay on for a transition period, according to the Times. Tomorrow’s announcement will focus on the handover to Solomon and isn’t likely to include information about the incoming CEO’s deputies, the sources told CNBC.
Solomon’s ascent has been expected since he was named sole president of Goldman Sachs in March, edging out his former co-president Harvey Schwartz. But the timing of the announcement is coming earlier than first thought; earlier in the year, a formal announcement was expected in the fall.