Wall Street has long speculated about Goldman Sachs’ leadership succession, a topic of keen interest given the bank’s global influence, political sway, and constant scrutiny.
While CEO David Solomon hasn’t signaled an intent to step down anytime soon, president and COO John Waldron is widely viewed as his heir apparent. Earlier this year, Goldman awarded Waldron an $80 million retention bonus in restricted stock, solidifying his position as the firm’s No. 2. Solomon also secured an $80 million stock bonus to extend his tenure for another five years—a striking reversal or a leader whose future was questioned earlier in his CEO tenure.
Yet, while Waldron appears to be the corner office frontrunner, some in Goldman’s alumni network argue the race remains open, according to the Financial Times. Here are other internal candidates who could be worthy of CEO consideration.
John Waldron, 56
Waldron is widely regarded as the frontrunner in Goldman’s CEO succession race. In February, the bank signaled its long-term planning by adding him to its board of directors. A Cleveland, Ohio native, Waldron joined Goldman in 2000 after an eight-year tenure at Bear Stearns, where he met Solomon. Solomon later recruited him to Goldman, and the duo rose through the ranks, with Waldron holding key roles in the bank’s media and entertainment group, financial sponsors business, and client coverage arm.
In 2014, Waldron became co-head of investment banking alongside Solomon. When Solomon succeeded Lloyd Blankfein as CEO in 2018, Waldron was appointed COO and president—a position that has historically paved the way for Goldman’s top job. Recognized internally as a problem solver, Waldron has played a pivotal role in bridging Goldman’s investment, trading, and wealth management divisions. He has also been a leading advocate for expanding the firm’s asset and wealth management business.
Marc Nachmann, 54
Nachmann is reportedly one of Solomon’s top allies and most trusted fixers at Goldman Sachs. Since joining the bank in 1994, he has held key leadership roles across investment banking, global markets, and asset and wealth management, becoming a partner in 2004. His career trajectory includes serving as co-head of global natural resources, head of Latin America, head of the global financing group, co-head of investment banking, and global co-head of global markets before being named global head of asset and wealth management in 2022.
Nachmann also wields considerable influence within Goldman’s internal governance. He is a member of the management committee and firmwide risk council and serves as co-chair of the firmwide investment policy committee.
Despite his investment banking experience, Nachmann is reportedly best known for his no-nonsense management style and cost-cutting expertise rather than his trading acumen. A Goldman banker once described him as “less a client guy and more a structural fixer.”
However, Nachmann’s leadership has faced controversy. In March 2023, several women at Goldman accused him of undermining their careers, questioning their leadership abilities, and dismissing them as lacking substance in discussions with senior executives. Nachmann vehemently denied the allegations, which emerged during a period of high-profile resignations at the firm. “Marc has a strong track record of promoting female leaders. He has the most diverse senior management team of all the firm’s businesses,” a Goldman spokeswoman told Fortune.
Dan Dees, 54
Dees joined Goldman in 1992, quickly building relationships with top decision-makers and playing a key role in the bank’s 1999 IPO. He was instrumental in helping Solomon expand the bank’s financing business during the CEO’s early years at the firm. In 2022, Dees became co-head of global banking and markets, and he serves on Goldman’s management committee and as chair of the firmwide client franchise committee.
A partner since 2004, Dees spent time in Hong Kong and Tokyo, leading the region’s financing group and later investment banking before returning to the U.S. in 2014 as global head of technology, media, and telecom banking. Through Dees, Goldman cultivated deep ties to Silicon Valley, cementing its position as a top Wall Street advisor to the tech sector.
In 2018, Dees was promoted to co-head of Goldman’s investment banking franchise. While his former co-heads, Gregg Lemkau and Jim Esposito, left the bank after alleged tension with Solomon, Dees is said to have a close relationship with the CEO.
Ashok Varadhan, 52
Currently co-head of global banking and markets at Goldman, Varadhan joined the firm in 1998 and became a partner just four years later, at 29, making him one of the youngest in Goldman history. A protégé of former CEO Lloyd Blankfein, Varadhan is the last remaining top trader from Blankfein’s generation still at the bank.
Over his 27-year Goldman career, Varadhan has held leadership positions in rates, currencies, emerging markets, and commodities. In 2012, he was named global head of macro trading. Varadhan is the most senior trader on the firm’s management committee and sits on Goldman’s firmwide risk counsel.
Former CEO Contenders
Naturally, CEO succession is never final until the decision is made. Over the years, many Goldman executives have been touted as potential successors, only to depart after leadership reshuffles or when the corner office seemed increasingly out of reach. Since Solomon took the helm, several once-prominent executives rumored to be CEO contenders have left the firm, including:
Gregg Lemkau, 56
Lemkau spent nearly three decades at Goldman before departing in 2020 to become co-CEO of BDT & MSD Partners, an investment bank. Before his exit, he was widely seen as a top contender for CEO. Lemkau joined Goldman as an analyst in 1992, helping expand the bank’s technology M&A business throughout the 1990s.
After making partner in 2002, he held several leadership roles, including co-head of health care banking, COO of investment banking division, co-head of technology, media, and telecom investment banking, co-head of global M&A, and co-head of global investment banking.
Regarded as one of Wall Street’s top M&A bankers, Lemkau advised on hundreds of deals for high-profile clients, including Tesla CEO Elon Musk and Uber cofounder Travis Kalanick.
Stephen Scherr, 60
Scherr joined Goldman in 1993 as an investment banker and spent 28 years in key strategic and operational roles, including head of Latin American operations, global head of financing, and ultimately, chief financial officer. In 2016, he spearheaded Goldman’s consumer banking launch before stepping down in 2021 to become CEO of Hertz Car Rental.
Scherr’s two-year tenure at Hertz was marked by aggressive expansion of the company’s electric vehicle fleet, a costly move that led to $245 million in losses and strained operations, ultimately costing him the top job.
In October 2024, Scherr returned to Wall Street as co-president of Pretium, one of the nation’s largest housing investment firms.
Clarification, March 20, 2025: This article has been updated to distinguish between current internal executives rumored to be CEO contenders and former candidates who were speculated to be successors but have since left the bank.
Clarification, March 21, 2025: This article has been updated to include a comment from a company spokesperson.
