The Goldman Sachs CEO debate
Srichand Myneni Investment Banking
26th March 2025
Written by Srichand Myneni
As Goldman Sach’s president and COO, John Waldron was already earning life changing money, about $30 million dollars in 2024. However, late last year, Apollo Global Management offer Waldron a senior position with the benefits of $500 million dollars behind it. The investment firm was offering a package that over the course of a few years, would be worth hundreds of millions of dollars.
The 56-year-old informed his boss, David Solomon (63) about said offer. The two men had risen together over the course of several decades to occupy the banks’ most lucrative jobs. Their relationship was described as fraternal, Solomon being the older brother.
Ultimately, Waldron’s hopes of leading Goldman triumphed and was handsomely rewarded with an $80 million dollar five year retention bonus along with a board seat and expanded personal use of the bank’s private plane.
To most, this confirms John Waldron as the next CEO of Goldman Sachs, potentially within the next five years according to Wells Fargo banking analyst, Mike Mayo.
If Waldron were to succeed Solomon as the second consecutive investment banker to lead Goldman Sachs, it would mark a break from the firm's long-standing tradition of alternating leadership between investment banking and trading to maintain a balanced approach.
Succession on Wall Street is rarely straightforward.
A decade ago, Goldman President Gary Cohn was widely expected to succeed CEO Lloyd Blankfein. However, after years of waiting—earning him the nickname “the Prince Charles of Wall Street” from The New York Times—he ultimately left to join the first Trump administration.
Some former Goldman partners believe Solomon’s successor is not yet decided. Marc Nachmann, 54, head of asset and wealth management with experience across all major divisions, is considered a dark horse. Other internal candidates include Dan Dees and Ashok Varadhan, co-heads of Goldman’s banking and markets division.
At the same time, some speculate that Solomon, encouraged by the bank’s rising share price, may extend his leadership, possibly skipping a generation of senior executives. This could open the door for a younger wave of bankers and traders in their forties, who were appointed to Goldman’s management committee in early 2025, to rise through the ranks.
Goldman’s leadership race remains fluid, with Waldron emerging as the frontrunner but not the only contender. As Solomon’s future unfolds, the firm faces a pivotal moment—whether to uphold tradition or embrace change. One thing is certain: succession at Goldman Sachs is never predictable.
