BlackRock, the world’s biggest money manager, is expanding top leadership in a reorganization that will result in new roles for at least 10 senior executives.
Bloomberg News reports that Charles Hallac, previously chief operating officer, was named co-president and will focus on the firm’s strategy and developing its bench of potential leaders, Chief Executive Officer Laurence Fink and President Robert Kapito said in a memo to employees yesterday.
Rob Goldstein, 40, who currently heads the institutional client business and the BlackRock Solutions advisory unit, will replace Hallac, 49, as COO, according to the memo.
The moves mark the biggest management reorganization since 2012, when BlackRock added eight members to its global executive committee and shook up its investment unit to boost returns. BlackRock, co-founded by Fink, 61, and Kapito, 56, in a one-room office in 1988, has grown from a bond shop to the world’s largest asset manager through acquisitions culminating in its purchase in 2009 of Barclays' investment unit.
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