Goldman Sachs’ board has mapped out a succession plan that would make President and Chief Operating Officer John Waldron CEO by late 2027 or during 2028, with CEO David Solomon potentially becoming executive chairman for one or two years. The plan has stalled after Solomon told senior executives he intends to remain CEO for a while, although Goldman Partner and Global Head of Communications Tony Fratto said Solomon has never indicated a departure timeline. Both executives hold identical $80 million restricted stock awards that do not vest until January 2030, while Waldron’s appointment to the board in February 2025 strengthened his position as the expected successor. Waldron has been Goldman’s No. 2 since 2018 and was previously approached by Carlyle Group in 2022 about becoming CEO, but stayed after discussions with Solomon. Goldman’s record earnings under Solomon, including $14.28 billion in 2024 net earnings and $53.51 billion in net revenue, have reinforced the board’s support for the incumbent. Investors are watching whether Waldron remains patient and whether the bank’s early-2027 proxy filing clarifies the leadership timetable.