Goldman Sachs named a new chief strategy officer on Monday, replacing an executive (Andrew A. Chisholm) who had worked at the firm for nearly 30 years and is retiring at the end of the year. Taking the reins at the new position is Stephen M. Scherr, who is the head of the firm’s financing group, according to firm memos reviewed by The Wall Street Journal.
Scherr, who will maintain his position as head of Latin America, a role he assumed in 2011, will work across the firm to develop and drive important growth initiatives as part of the firm’s global strategy. Such opportunities may include developing a more profitable private wealth-management business, or possibly using technology to develop and build new trading platforms.
“As a long-tenured leader in the Investment Banking Division (IBD), and as global head of the Financing Group since 2008, Stephen has a deep understanding of all of our businesses and of the needs of our clients,” Mr. Blankfein and Gary D. Cohn, the firm’s president, wrote in an internal memo. “As we advance the firm’s global strategy, Stephen will identify and help execute on opportunities to grow and build upon our strong client franchise across our core businesses.”
Stephen will help to coordinate the lending business as Goldman leverages its existing bank platform to provide credit to both corporate and individual clients, said Golman in the memos.
Stephen previously served as chief operating officer of the Telecom, Media and Technology Group, chief operating officer for IBD and head of the Americas Financing Group. He was named managing director in 2001 and partner in 2002. Stephen became a member of the Management Committee in 2012. He will continue to serve as a member of the Risk Committee, Firmwide Capital Committee and the Growth Markets Operating Committee.
Mr. Chisholm joined the firm in 1985 in New York as a mergers-and-acquisitions banker and also worked in London. He was made managing director in 1996 and partner in 1998. He became senior strategy officer in 2012 after running the financial-institutions group since 2003, a group he helped create, according to the memo.
Goldman also announced Monday that Jim Esposito and Marc Nachmann will succeed Mr. Scherr and become co-heads of the global financing group. Mr. Esposito was most recently head of the Europe, Middle East and Africa financing group. Mr. Nachmann was most recently co-head of the global natural-resources business, according to a memo sent out by the firm.
Succeeding Mr. Nachmann atop the global natural resources team are Gonzalo Garcia and Suhail Sikhtian as co-heads. Brett Olsher will also become co-chairman of the group, alongside John Vaske.