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.
"Steve has made invaluable contributions to Goldman Sachs
over the last five decades," Chief Executive Lloyd Blankfein
said in a statement. "He's been an outstanding director whose
counsel and judgment we've depended on greatly. We thank him for
his exemplary service."
Friedman, who started his career as an investment banker,
shared the senior partner position with Robert Rubin from 1990
until 1992, when Rubin left to work for the Clinton
administration. He eventually became Treasury Secretary in 1995.
As sole head of the firm, Friedman came under such stress
that he was admitted to a hospital with extreme heart
palpitations, according to the book "The Partnership: The Making
of Goldman Sachs."
At a partner meeting in September 1994, Friedman surprised
other senior bankers with an announcement that he would be
retiring as head of the firm, without a clear succession plan in
place. He eventually chose Jon Corzine and Henry Paulson to
succeed him in a dual role as senior partners later that year.
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