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BANKING AND INSURANCE

Goldman Sachs: Denis Coleman Replaces Stephen Scherr as New CFO

Goldman Sachs: Denis Coleman Replaces Stephen Scherr as New CFO
The Siliconreview
14 September, 2021

David M. Solomon, CEO of Goldman Sachs, celebrates Stephen Scherr’s “work ethic, command of complexity, and unfailing commitment to the firm.”

Goldman Sachs Group Inc, in its internal memo (seen by Reuters), has confirmed that it is replacing finance chief within three to four months. Denis Coleman, the new Chief Financial Officer appointed, will resume office at the start of the next year. Stephen Scherr, the incumbent finance chief, is scheduled to leave the office at the end of the current year.

Reuters published this report based on the memo dated Tuesday.

Mr. Coleman will immediately resume office as Mr. Scherr’s deputy. Currently, he co-heads the global financing group of Goldman’s investment banking division. Once Mr. Coleman takes the position as the CFO, he will be replaced by Beth M. Hammack (Goldman’s global treasurer) from the position he is currently occupying.

Mr. Scherr, 57, has tons of experience and is celebrated for his well-thought judgments. He joined Goldman Sachs in 1993 as an associate in its financial institutions group. Mr. Coleman, 47, on the other hand, is unknown compared to his predecessor.

David M. Solomon, who serves as the company’s Chief Executive Officer, celebrates Mr. Scherr’s “work ethic, command of complexity, and unfailing commitment to the firm” in his memo announcing the changes.

Mr. Scherr has been serving as the CFO since November 2018.

The report confirms that Mr. Scherr will formally retire at the end of January 2022. Once he vacates the position, he will become a senior director.

Goldman Sachs is an America-based multinational investment bank and financial services company. The company was established in 1869 and is headquartered in New York.