Wiedman, 52, has in recent years emerged as a standout in the wider group that's said to be in the running to replace Fink. (BlackRock's name was an homage to Blackstone, which was key to getting BlackRock off the ground.) That's along with Blackstone, the world's largest private equity firm that's led by a cofounder. It is one of a tiny handful of Wall Street powerhouses still run by a founder as CEO. Jon Gray, Blackstone's president and chief operating officer, is widely viewed as the likely replacement for CEO Steve Schwarzman.īlackRock's succession saga is unique. Morgan Stanley co-presidents Ted Pick and Andy Saperstein have meanwhile emerged as potential successors to longtime CEO James Gorman. Insider has reported that JPMorgan executives including Marianne Lake, Daniel Pinto, and Jennifer Piepszak are viewed as contenders to succeed CEO Jamie Dimon, in the seat since 2006. Wall Street is closely watching how a few high-profile succession stories play out. He is now serving, too, as interim head of external affairs. Those viewed as being in the mix to succeed Fink: Kushel, Wiedman, Rachel Lord, chair and head of the Asia Pacific business, chief financial officer Martin Small, chief operating officer Rob Goldstein, head of the recently formed global markets unit Manish Mehta, and iShares head Salim Ramji, a group that hasn't been previously reported in full.įormer chief client officer Mark McCombe had been part of that list, in the eyes of people familiar with the firm, before he was named vice chairman last year and left the global executive committee. "I could see the tension between someone who wants to defend themselves and a board who says - let's talk about other things," one BlackRock investor said. Some took notice that Fink's annual open letter in March dialed back talk of ESG after a year of political attacks. BlackRock has become shorthand for the intense backlash from primarily Republican lawmakers over sustainable investment strategies that Fink has championed as CEO. A BlackRock spokesperson declined to comment for this story.įink has cultivated a high-profile presence on Wall Street since his early career days as a star bond trader at First Boston, but has fallen under an even greater microscope in recent years. The firm has highlighted in annual reports and proxy statements over the past several years that succession planning for Fink, 70, and other senior executives are core to running the firm and managing talent. High-level succession plans can take years to mold and orchestrate, and that's been the case at founder-led BlackRock. That year, when BlackRock announced her board appointment, Fink said in a press release that she had at that point "spearheaded every critical corporate transaction in our history and played a pivotal role in the genesis of many of the businesses that have become central to our success." Wagner had held positions including chief operating officer and head of corporate strategy until she was named a vice chairman in 2006 and retired from that role to join the board in 2012. Wagner, 61, is viewed by some in leadership as an executive who could be called on to replace Fink if the board does not have a clear candidate to replace him, two people familiar with the matter said, an element of succession planning that has not been previously reported. Leadership has meanwhile discussed a name in the context of succession planning that would be familiar to longtime shareholders: Susan Wagner, a board member who cofounded BlackRock with Fink, president Rob Kapito, and five others in 1988. Insiders of the New York-based investment firm and people familiar with the company view a group of roughly seven longtime executives, including Rich Kushel, who runs the firm's sprawling portfolio management group, and Mark Wiedman, head of the global client business, as possible replacements. Leadership has discussed BlackRock cofounder Susan Wagner as someone who could succeed Fink if the board does not have a clear candidate.įor years, BlackRock has been planning for Chief Executive Larry Fink's succession, a torch-passing the industry has long speculated over.Mark Wiedman, Rachel Lord, and Rich Kushel are viewed among possible successors to Fink.Investment giant BlackRock has been planning for CEO Larry Fink's succession for years. Account icon An icon in the shape of a person's head and shoulders.
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