Marty Chavez’s reassignment as CFO of Goldman Sachs ends an 18-month tenure that was met with mixed reviews from analysts and investors.
Chavez will return to a new role running the securities division in the midst of a technology overhaul, a mission that aligns well with his computer science background.
Chavez will hand the CFO’s books over to Stephen Scherr in early November.
Marty Chavez is getting a do-over.
The Goldman Sachs CFO, who was formerly the bank’s highest ranking technology executive, will give up his role and become one of three co-heads of the firm’s securities division in November, according to a memo sent to employees Thursday.
He’ll also become a vice chairman, filling a position most recently held by Pablo Salame, a vice chairman who also ran the securities division before leaving earlier this year. Both men are close to outgoing CEO Lloyd Blankfein.
Chavez’s shift caps an 18-month CFO tenure in which many investors, analysts and employees felt he often seemed out of his element. Some analysts grumbled that he wouldn’t appropriately answer their questions on the firm’s earnings calls. The company’s stock is on its worst losing streak since its 1999 initial public offering.
“Marty is not …read more
Source:: Businessinsider – Finance