Goldman Sachs names Lloyd Blankfein as new chief

06/05/06 - newratings.com

NEW YORK, June 5 (newratings.com) – Investment bank Goldman Sachs Group (GS) Friday named Lloyd Blankfein as its new Chairman and Chief Executive.

The appointment made by the New York-based company ends speculations of a split-up of the roles of its Chairman and Chief Executive, following Henry Paulson’s nomination as the new treasury secretary of the US. The company indicated that the appointment would come into effect once Paulson is confirmed as the US Treasury Secretary. The Street quoted Timothy Ghriskey, money manager and CIO of Solaris Asset Management, as saying that Blankfein has been running the firm. Blankfein rose, as a trader, through the ranks at Goldman Sachs’ fixed-income, currency and commodity division. Blankfein, who graduated from Harvard and joined Goldman Sachs’ commodities unit in 1982, had been paid $38 million in the previous year, according to Bloomberg.