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Goldman names Denis Coleman as new CFO starting next year for retiring Stephen Scherr

Stephen Scherr, chief technique officer and head of GS Financial institution USA at Goldman Sachs & Co.

Jon Halty | Bloomberg | Getty Photos

Goldman Sachs named Denis Coleman the financial institution’s new chief monetary officer starting subsequent 12 months.

Coleman, the present co-head of the agency’s World Financing Group, will take over for Stephen Scherr, who’s stepping down as CFO at year-end and retiring in January 2022, Goldman stated Tuesday in a launch.

“Denis has constantly confirmed himself by means of his sturdy judgment and operational functionality throughout roles of accelerating accountability and we sit up for his contributions to the agency as Chief Monetary Officer,” Goldman CEO David Solomon stated within the launch.

The transfer is the primary occasion of turnover inside Solomon’s inside circle, the highest executives he named as deputies shortly earlier than taking up Goldman in October 2018. Scherr was a part of a wave of funding bankers who rose to energy after Solomon was anointed CEO, together with John Waldron, who’s the agency’s president and chief working officer.

Earlier than being promoted to CFO, Scherr, 57, led the agency’s efforts to develop its retail banking enterprise, Goldman’s first foray into the buyer realm. He joined Goldman in 1993 as an funding banking affiliate and was steadily promoted to roles together with head of the financing group, head of the agency’s Latin American enterprise and chief technique officer.

“Stephen was integral to the event of key progress initiatives on the agency, together with client and transaction banking,” Solomon stated. “In his most up-to-date position, Stephen helped to drive the agency’s strategic goals and facilitate change within the group, all whereas sustaining a core deal with danger, notably through the pandemic.”

Coleman joined Goldman in 1996 as an analyst within the agency’s financial institution mortgage group. He turned co-head of U.S. mortgage capital markets and was later named co-head of U.S. leveraged finance earlier than rising to administration roles within the agency’s EMEA financing group.

The incoming CFO will obtain a $1.5 million annual wage and is eligible for a bonus, the financial institution disclosed in a regulatory submitting.

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