The board of Goldman Sachs has discussed a plan for David Solomon to step down as chief executive and be replaced with Chief Operating Officer John Waldron as soon as next year, according to people familiar with the matter. Discussions have involved Waldron taking over the top job around the end of 2027 or in 2028. Under the plan, Solomon is likely to be executive chairman for around one to two years after stepping down. The plan requires board approval, which could occur in the coming months, though timing is fluid.

Waldron's expected ascension presents an opening for other senior executives to move around. The company has been transitioning duties associated with Waldron's COO role to finance chief Denis Coleman over the past year. Candidates for the president seat include co-heads Dan Dees and Ashok Varadhan and Marc Nachmann.

Waldron explored options outside the firm a few years ago. The board moved to keep him with an $80 million retention bonus announced in January 2025. Solomon and Waldron have had a close relationship over the years, both having arrived at Goldman more than 25 years ago.