Goldman Sachs just named an heir apparent to Lloyd Blankfein.
The Wall Street firm revealed on Monday that co-president Harvey Schwartz, a potential successor to Blankfein, will retire next month after 20 years.
Schwartz’s retirement paves the way for veteran executive David Solomon to take over for Blankfein when the longtime CEO eventually steps down.
“I look forward to continuing to work closely with David in building our franchise around the world, serving our expanding client base and delivering strong returns for our shareholders,” Blankfein said in a statement.