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 New York-based BlackRock, which manages $4.3 trillion in assets, is
shifting at least 10 senior executives into new or expanded roles,
according to an internal memo seen by Reuters on Sunday.
The moves come as BlackRock seeks to groom its next generation of
senior management, allowing them to take on greater responsibility
and prepare for when the company eventually names a successor to
61-year-old Fink.
Both Fink and BlackRock president Rob Kapito will maintain their
current roles. BlackRock spokesman Brian Beades said that in an
internal conference call, "Larry and Rob made it clear that they
will be here for years to come."
Among those moving into new roles are Rob Goldstein, a 20-year
BlackRock veteran, who will be taking on the role of chief operating
officer from Charlie Hallac, a longtime veteran of the company who
has been battling colon cancer and will be stepping out of his role
to become co-president of BlackRock. They will assume their new
roles June 1.
Goldstein, who currently serves as global head of the asset
management firm's institutional client business, will be replaced in
that role by Mark McCombe, current chairman of BlackRock Asia
Pacific, a role he will keep until the end of the year. McCombe will
also become chairman of BlackRock Alternative Investors.
Both Goldstein and McCombe are among those who are tipped as
possible successors to Fink, in addition to Kapito, Global iShares
head Mark Wiedman, Chief Financial Officer Gary Shedlin, and Global
head of Alpha Strategies, Quintin Price.
ONGOING REORGANIZATION
BlackRock said in the memo the shuffle fits into its strategy of the
past five years of challenging its executives by putting them in
roles that broaden their horizons and maximize their impact with the
firm and its clients.
"Periodically moving leaders to new roles as part of this process
was a key rationale for the re-organization of the firm in 2012 and
is a key driver of the management changes we are announcing today,"
the memo said.
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In 2012, the company expanded its senior leadership team and
reorganized its investment and client-facing businesses in an effort
to spur organic growth. In that move, BlackRock replaced its
portfolio management group with five new investment groups.
Other moves announced on Sunday include the promotion of Rich Kushel
to chief product officer. Kushel is currently head of strategic
product management. He will also continue to oversee the BlackRock
Investment Institute and the company's corporate governance and
responsible investment team.
Ryan Stork, global head of the Aladdin business within BlackRock
Solutions, will become head of BlackRock Asia Pacific, based in Hong
Kong, beginning next year.
Ken Wilson moves to the role of chairman of Alpha Strategies at
BlackRock, after serving as chairman of BlackRock Alternative
Investors since its creation.
BlackRock said Salim Ramji, a Senior Partner at McKinsey & Company,
will join the firm later this month as global head of corporate
strategy.
Patrick Olson, who is global head of strategy and planning, will
become COO of Europe the Middle East and Africa (EMEA) and join the
EMEA executive committee.
BlackRock is scheduled to report its first-quarter financial results
on April 17.
(Reporting by Ashley Lau and John McCrank in New York;
editing by
Bernard Orr and Eric Walsh)
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