Goldman Sachs Succession: John Waldron Seen as Next CEO, But When Will He Take Over?

John Waldron has long been viewed as the leading internal successor to Goldman Sachs CEO David Solomon. The latest reports suggest the succession question is becoming more concrete, with Goldman Sachs' board discussing a possible transition that could occur around the end of 2027 or in 2028.

The timing, however, is not settled.

The Wall Street Journal reported that Goldman Sachs' board has discussed a plan for Solomon to step down as chief executive and for Waldron, the bank's president and chief operating officer, to take over. The report said a transition could happen as soon as next year, while people familiar with the discussions pointed to late 2027 or 2028 as the potential handover period. Goldman subsequently stressed that there is no definitive timeline for CEO succession.

That distinction is important for investors. This is a succession discussion, not an announced leadership change.

Why John Waldron Is Seen as the Natural Successor

Waldron has held Goldman Sachs' president and COO roles since October 2018, the same month Solomon became CEO. He has been with Goldman since 2000 and previously served as co-head of the firm's Investment Banking Division. His current responsibilities give him visibility across Goldman's major businesses and operating priorities.

Goldman's own leadership profile describes Waldron as having more than 25 years of experience at the firm, broad knowledge of its core franchises and responsibility for execution and operating efficiency. He also serves as co-chair of the firm's Enterprise Risk Committee.

His position within the firm's leadership structure was reinforced in February 2025, when Goldman appointed him to its board of directors. That made Waldron the second member of the management committee with a board seat alongside Solomon. Reuters described the move at the time as strengthening the bank's succession planning.

For a large financial institution, having a potential successor already deeply involved in operations can reduce the disruption associated with a leadership change.

The $80 Million Retention Award Also Matters

Another major clue came in January 2025.

Goldman's board awarded both Solomon and Waldron $80 million in restricted stock units with a five-year vesting period. In its regulatory filing, Goldman said the awards were intended to retain the two executives as a senior leadership team, maintain stability and continuity over the next five years and support a strong succession plan for the future.

The awards were controversial among some corporate-governance advisers, but shareholders ultimately approved the executive compensation packages. Reuters reported that the two retention grants were designed partly to secure senior leadership amid competition for top Wall Street executives.

The timing is notable because a five-year retention structure does not necessarily mean the CEO stays in the same position for five years. Instead, it suggests the board wanted continuity around a critical period for the firm's leadership.

David Solomon's Tenure Has Entered a New Phase

Solomon became Goldman Sachs CEO in October 2018. He inherited a bank with a powerful investment-banking and trading franchise and later pushed the firm into consumer banking, only for Goldman to subsequently scale back much of that strategy.

Goldman's current strategy is more concentrated around its established businesses.

The firm's 2025 annual report says its strategy is anchored around Global Banking & Markets and Asset & Wealth Management, with additional growth expected from wealth management, alternatives and other asset-management businesses. Goldman reported 2025 net revenues of $58.3 billion, up 9%, while earnings per share rose 27% to $51.32.

That recovery has continued into 2026. Goldman reported second-quarter 2026 net revenues of $20.34 billion, net earnings of $6.63 billion and diluted EPS of $20.98. Annualized return on common equity reached 23.5%.

The strong financial backdrop could make succession management especially important. The board has an interest in changing leadership without unnecessarily disrupting a profitable period for the business.

Would Waldron Change Goldman's Strategy?

Based on the available reporting, investors should not automatically assume a major strategic reset under Waldron.

Wells Fargo analyst Mike Mayo told Reuters that Waldron's expected promotion would probably not lead to a fundamental change in Goldman's direction because he and Solomon have jointly driven the firm's priorities.

That is significant because Waldron has been part of the senior leadership team throughout Solomon's tenure.

Goldman's recent priorities include expanding its global banking and markets franchise while building asset and wealth management. The annual report says Global Banking & Markets benefited from strong client relationships, investment-banking activity and financing opportunities, while Asset & Wealth Management has been positioned as a major long-term growth engine.

A Waldron-led Goldman could therefore represent continuity in strategy, even if leadership style and management structure eventually change.

What Happens to Solomon After the Handover?

One proposal reported by the Wall Street Journal would have Solomon remain as executive chairman for roughly one to two years after leaving the CEO role. That would potentially create a transition period in which the outgoing chief executive stays involved at board level while the new CEO takes operational control.

Such an arrangement can matter for clients and employees because large investment banks rely heavily on long-standing relationships.

But this is still a reported plan rather than a finalized corporate decision. The board would need to approve the timing, and Goldman has explicitly said that there is no definitive succession timetable.

Why Goldman Investors Are Paying Attention

CEO succession at a bank like Goldman Sachs can affect more than the headline leadership structure.

Investment banking depends on senior relationships with corporate clients, institutional investors, private-equity firms and governments. Trading businesses also rely on experienced teams and risk-management frameworks. Asset and wealth management, meanwhile, depends heavily on the firm's ability to attract and retain clients and investment professionals.

A poorly managed transition could create uncertainty around senior personnel or strategic priorities. A well-planned internal succession could make the change much less disruptive.

Goldman's decision to place Waldron on the board, retain him with a substantial long-term stock award and keep him closely involved in strategy has already provided investors with considerable visibility into the likely succession path.

The Bigger Question Is the Timing

The latest reports leave investors with two separate questions.

The first is who comes next. Waldron has increasingly been positioned as the leading internal candidate, and recent reporting continues to point toward him.

The second is when.

The reported timeline ranges from a possible transition as early as next year to a handover around the end of 2027 or during 2028. Goldman, however, says there is no definitive timeline.

That means investors should avoid treating any particular year as confirmed.

The practical indicators to watch are future board decisions, changes in executive responsibilities, the structure of Solomon's role and any formal announcement from Goldman Sachs.

What Investors Should Watch Next

For Goldman Sachs stock (NYSE: GS), succession is only one part of the investment picture.

The firm's earnings trajectory remains central. Investors will continue to watch investment-banking fees, trading revenues, asset-management inflows, expenses and returns on equity. Those operating indicators will show whether Goldman's current strategy continues producing strong financial results under its existing leadership.

The second issue is management continuity. Changes among senior executives could provide clues about how responsibilities might eventually be redistributed between Waldron and other members of the firm's leadership team.

Finally, investors should watch for an official timetable. Until Goldman announces one, reports of a 2027 or 2028 transition should be treated as a developing succession discussion rather than a completed decision.

Bottom Line

John Waldron is increasingly positioned as the likely successor to David Solomon at Goldman Sachs, but the timing remains unresolved. Recent reporting says the board has discussed a transition potentially around the end of 2027 or in 2028, while Goldman has emphasized that no definitive succession timetable exists.

Waldron's board appointment, long tenure as president and COO and $80 million retention award all reinforce his importance to Goldman's leadership continuity. At the same time, Goldman's strong 2026 operating performance means investors have more to monitor than the CEO headline alone.

For GS shareholders, the key developments will be any formal board decision, the eventual timing of Solomon's departure from the CEO role and whether Goldman's strategy remains consistent through the transition.

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This article is for informational and educational purposes only and should not be considered investment advice.