Goldman Sachs said Tuesday that David A. Viniar, the bank's longtime chief financial officer, would retire at the end of January and be replaced by Harvey Schwartz, a senior executive at the bank.
Mr. Schwartz has big shoes to fill. Both inside and outside the bank, many consider Mr. Viniar to be the bank's most valuable executive, a financial wizard and deft risk manager with a mastery of Goldman's complex multi-billion dollar balance sheet.
Though far less well known than Goldman's chief executive, Lloyd C. Blankfein, Mr. Viniar has played a key role in navigating the bank through some of history's most tumultuous markets. He has served as C.F.O. since 1999, the year of Goldman's initial public offering, and played a key role in managing the bank - largely with success - through the global financial crisis.
“David has made extraordinary contributions to Goldman Sachs over a remarkable 32-year career,†said Mr. Blankfein in a statement, which describ ed him as the longest serving C.F.O. of a major institution on Wall Street. “David represents the very best of Goldman Sachs and its culture.â€
Mr. Viniar will become a member of Goldman's board of directors upon his retirement.
Mr. Schwartz, 48, who currently co-heads Goldman's securities division, joined Goldman in 1997 after spending the early part of his Wall Street career at Citigroup. He earned his college degree from Rutgers and an M.B.A. from Columbia University.
“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 C.F.O.,†Mr. Blankfein said in the statement.
