By Lauren Tara LaCapra
NEW YORK Oct 21 Goldman Sachs Group Inc
Vice Chairman J. Michael Evans will retire from his position at
year-end, the bank said on Monday, eliminating a top rival of
Chief Operating Officer Gary Cohn in the race to become the next
head of Wall Street's biggest investment bank.
Evans, 56, is one of the most senior executives at Goldman
and has led a number of big divisions. He is global head of
growth markets, and played a central role in Goldman's expansion
into Asia as well as its reputational rehabilitation after the
Inside Goldman, his departure was seen as a sign that Cohn
had solidified his position as the next likely CEO to succeed
Lloyd Blankfein, sources familiar with the matter said.
Blankfein has said repeatedly that he has no immediate plans
to step down, there is constant chatter about when he will
retire and who will succeed him. Blankfein, 59, has been in the
job since June 2006, making him the second-longest serving
big-bank CEO behind JPMorgan Chase & Co's Jamie Dimon.
Cohn is seen by many inside and outside the bank as a
leading contender, though other names suggested by insiders
include Vice Chairman Michael Sherwood, Chief Financial Officer
Harvey Schwartz and David Solomon, co-head of Goldman's
Evans started at Goldman in 1993 as an investment banker and
became partner the following year.
He garnered attention for his role as co-chair of Goldman's
internal Business Standards Committee, which reviewed the bank's
practices leading up to the financial crisis and implemented new
protocol for approving transactions.
He was awarded nearly $12 million in compensation for his
work last year, and earned another $21 million through his
investments in funds the bank manages, according to the
investment bank's latest proxy.
Evans is expected to take some time off before pursuing
another opportunity in the financial industry or elsewhere. He
was on the short list of people under consideration to become
the head of Canada's central bank last year, and is involved in
Before heading to Wall Street, he won an Olympic gold medal
on Canada's rowing team in 1984. He lives in New York with his
Norwegian wife, Lise Evans. The couple has eight children among
them, including six from prior marriages.