Bloomberg reports that Friedman, 75, who led the board’s risk committee, is leaving as required by the investment bank’s age-based retirement policy, according to a regulatory filing Thursday by the New York-based firm.
Adebayo O. Ogunlesi, chairman of Global Infrastructure Partners who joined Goldman Sachs’s board in October, will head the risk committee.
'Steve has made invaluable contributions to Goldman Sachs over the last five decades', CEO Lloyd Blankfein said in an e-mailed statement. 'He’s been an outstanding director whose counsel and judgment we’ve depended on greatly'.
Friedman was hired by Goldman in 1966, rising to senior partner and co-chairman in 1990. He ran the firm alone from 1992 to 1994 after Robert Rubin left to join the Clinton administration. Friedman was previously in charge of the mergers unit and served as co-head of investment banking.
Hit the link below to access the complete Bloomberg article: