2 Min Read
(Reuters) - Goldman Sachs Group Inc (GS.N) said its newly promoted co-chief operating officers and chief financial officer would each receive a $1.85 million base salary as part of their broader compensation packages.
The Wall Street bank's pay disclosures come days after the appointments, and as the race to succeed Chief Executive Lloyd Blankfein – who has been in his role for more than a decade – heats up.
It is the first time that two of the executives, incoming co-COO David Solomon and incoming CFO Martin Chavez, will have their compensation disclosed publicly.
Harvey Schwartz, who will leave his current position as CFO to become co-COO in April, took home the same $1.85 million in salary last year as part of a broader $21 million package that several senior executives received, excluding perks.
Gary Cohn, who is leaving the COO role to take a position advising U.S. President-elect Donald Trump on the economy, had long been considered a leading candidate to replace Blankfein.
Cohn's departure has set the stage for other senior executives to compete for the position.
Solomon has co-headed Goldman Sachs's investment banking division since 2006, while Schwartz has served as CFO since 2013. Chavez has been the company's chief information officer since 2013.
Reporting by Lauren LaCapra in New York and Diptendu Lahiri in Bengaluru; Editing by Shounak Dasgupta