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The new director will replace Lloyd Blankfein
David Solomon finally has a start date for his reign on Goldman Sachs Group Inc.
Solomon will succeed Lloyd Blankfein as executive director of the company on October 1, a said the bank in a statement on Tuesday. Blankfein will resign as president at the end of the year, when Solomon will also badume this role. Solomon's image as an apparent heir was consolidated in March, when the company announced that she would become the sole president, while Harvey Schwartz, his main rival for the post, would leave the company. society.
The allotted time gives Salomon greater freedom to make critical management changes within the company that were expected after 12 years of Blankfein's performance as CEO. The transfer takes place as the company diversifies from its commercial activities as a traditional profit center and advances further into new areas, such as consumer loans.
This change was evident in the results of the second. quarter of the company, also announced Tuesday morning. Although commercial revenues have recovered from the previous year, this activity accounted for about 38% of total revenues, up from almost 70% in 2007
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