Goldman Sachs Shakes Up Top Management
- Share via
Goldman, Sachs & Co.’s Jon Corzine stepped down as co-chief executive Monday, ceding his management role just weeks after the elite investment bank reported poor year-end performance. Corzine, 52, who will keep the title of co-chairman, will focus on reviving plans to sell Goldman Sachs shares to the public for the first time.
Day-to-day control of the 130-year-old partnership will be divvied among Henry Paulson Jr., who will be the sole CEO, and John Thain and John Thornton, who will be co-chief operating officers. Thain and Thornton are members of the company’s executive committee. Thain was chief financial officer. Thornton was an executive in the firm’s international operations.
Corzine “is paying the price for screwing up the initial public offering,” said Alan Bromberg, a finance professor at Southern Methodist University in Dallas.
Goldman Sachs, which is Wall Street’s last major private partnership, delayed its planned stock offering of a 10% to 15% stake in September, just weeks after the U.S. markets tumbled and Russia defaulted on its debts.
Executives at Goldman Sachs were unavailable for comment.
Goldman has not said when it might attempt its offering. The cable business news network CNBC reported, however, that the IPO is expected by summer.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
