(Adds details in paragraph 12)
By Ashley Lau and John McCrank
NEW YORK, April 6 BlackRock Inc is
reorganizing its senior management ranks as the world's largest
money manager works towards an eventual succession plan for
Larry Fink, its chief executive officer and co-founder.
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
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
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.
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
on June 1 and be based in Hong Kong. He will also become
chairman of the division starting 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
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)