Shedlin will become a member of BlackRock’s Global Executive Committee, reporting to Chairman and Chief Executive Officer Laurence D. Fink.
Shedlin will succeed Ann Marie Petach, who is joining BlackRock Solutions as Senior Managing Director in the Client Solutions business, where she will help to develop critical client relationships and business initiatives with a special focus on solutions offerings for public and private pension funds. Shedlin will join the Firm on March 11, 2013 and work closely with Ms. Petach through a transition period until she completes her tenure as CFO following the reporting of BlackRock’s first quarter earnings results. Mr. Shedlin will assume the role of CFO at that time.
'We’re fortunate to have two executives with the depth and breadth of experience of Ann Marie and Gary assuming new roles with BlackRock', Fink said. 'As a key member of our senior management team, Ann Marie has helped guide the Firm through a number of significant milestones, including our acquisition of BGI and the transformation of our company to one with a broad base of shareholders. In addition, she has helped build our financial infrastructure to support one of the largest financial services companies in the world. We’re extremely pleased that Ann Marie is assuming this important new role with our Client Solutions business consistent with the desire she expressed last year to work directly with clients. This new role leverages her deep knowledge of BlackRock and her prior experience as a client to help build a key strategic area for the Firm'.
Ms. Petach said: 'I’m looking forward to working more directly with our clients and assisting in solving some of their most pressing challenges. As a former corporate treasurer at Ford Motor Company who was responsible for pension, banking and risk management issues, and more recently as BlackRock’s CFO, I’m intimately familiar with the challenges facing many of our clients. BlackRock is uniquely positioned to assist these clients in the current environment, and I will be working with our team to offer clients solutions that leverage the full array of resources BlackRock has to offer them'.
Shedlin joins BlackRock from Morgan Stanley, where he is Vice Chairman, Investment Banking and a Managing Director in the Financial Institutions Group. Shedlin has spent more than 25 years advising companies in the financial services sector including as Chairman of the Financial Institutions Group at Citigroup and Managing Director and Co-Head of the Financial Institutions Group at Lazard.
Shedlin has served as a trusted advisor to BlackRock on virtually all of its most significant strategic transactions. As Chief Financial Officer, he will be responsible for all of BlackRock’s Corporate Finance functions including Business Finance; Accounting; Finance Operations; Tax, Treasury and Risk Management; and Investment Products & Controls. He also will be responsible for Investor Relations and Corporate Development as well as Strategy, which has a co-report to Mr. Fink.
'Given his strategic insight and leadership ability, Gary is well positioned to build on the world-class finance organization that Ann Marie has helped to establish, and I am delighted to welcome him to BlackRock. Gary has an intimate knowledge of BlackRock and knows our industry well. I am confident that he will lead our finance operations as a partner in driving our business through our next phase of disciplined growth', Fink said.
Shedlin said: 'It has been a privilege to be part of Morgan Stanley and to work closely with Larry and other senior executives at BlackRock as the Firm has evolved to meet the needs of clients. I am tremendously excited to now be a part of this very talented management team and to help contribute to BlackRock’s continued success in leveraging the unique, global asset management platform it has built'.