NEW YORK, April 4 Goldman Sachs Group Inc said on Thursday that Stephen Friedman, who once headed the bank when it was a private partnership, will retire from its board of directors because he has reached the company's age limit.
Friedman, who is 75, has been a director since April 2005 and is also chairman of Stone Point Capital, a private-equity firm, according to Goldman's website.
He was senior partner and chairman of the management committee until 1994, when he retired from management. Before Goldman went public in 1999, the senior partner title was equivalent to chief executive.
Friedman is retiring from the board "as required by the age-based retirement policy in the Company's Corporate Governance Guidelines," Goldman said in an 8-K filing with the U.S. Securities and Exchange Commission.
The board formally accepted his retirement on Tuesday. It will take effect on May 22, the day before the company's annual meeting.