BlackRock shakes up management, names new co-president, COO: memo
NEW YORK (Reuters) - BlackRock Inc (BLK.N), the world's largest money manager, is reorganizing its senior management, shifting at least 10 senior executives into new or different roles, according to an internal memo seen by Reuters on Sunday.
Both Larry Fink, chief executive and chairman of BlackRock, which has more than $4 trillion in assets under management, and Rob Kapito, president, will stay in their roles.
Charlie Hallac, who while not a founding member of BlackRock but was the company's first employee in 1988, will become co-president, the memo said.
BlackRock is scheduled to report its first quarter financial results on April 17. The company said it does not have any further comment beyond what is included in the memo.
Hallac, who is battling colon cancer, is currently chief operating officer. He was one of the original architects of BlackRock's Aladdin trading platform and will be forming a new group to focus on broadening and integrating that technology more into the company's retail segment.
New York-based BlackRock's client businesses, investment groups and product management will continue to report to Hallac and Kapito.
Rob Goldstein, a 20-year BlackRock veteran and current global head of the asset management firm's institutional client business, will fill the role of COO, as of June 1.
Mark McCombe was named global head of the institutional client unit, based in New York. He is currently 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.
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.
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 said it was not making any changes to portfolio managers or client relationship managers.
(Reporting by John McCrank; Editing by Bernard Orr)
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