Goldman Says Goodbye to Long-Time CFO
David Viniar is the longest-serving chief financial officer on Wall Street, having served at Goldman Sachs (NYSE:GS) since its IPO in 1999. In January, senior trading executive Harvey Schwartz, who joined Goldman in 1997, will step in to take his place.
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Holding 1.8 million shares in Goldman – trading at just under $120 today – and receiving $15.8 million last year, Viniar is infamous for being one of the best-compensated executives on Wall Street. If the company hits predetermined profit targets, he could receive cash bonuses of several million dollars when he joins the company’s board after his retirement. Schwartz will be eligible for variable compensation, and will earn a starting salary of $1.85 million.
The new CFO is stepping in surrounded by praise. Jason Graybill, a senior managing director at Carret Asset Management, said that Schwartz “is incredibly qualified for the position.” An unnamed source said that Schwartz is “definitely on the short list of people who could be CEO one day.”
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