If there was an ultimatum, it backfired.
The report, citing people familiar with the matter, said Schwartz approached lead director Adebayo Ogunlesi with an ultimatum that he would resign unless he was tapped for the chief executive role in the next few months.
Schwartz's move backfired, however. In a meeting last month, current CEO Lloyd Blankfein expressed his preference for David Solomon to succeed him, the report said.
On Monday, Goldman announced that Schwartz would retire from his role as co-president and co-chief operating officer. The bank also said that Solomon would take over as the sole president and COO, making him the odds-on-favorite to become the next Goldman Sachs CEO.
The news comes amid increasing speculation about Blankfein's departure from Goldman. Last week, The Wall Street Journal reported Blankfein would likely step down as soon as this year.
"The board ran its succession planning in a deliberate and orderly fashion on its own timeline," a Goldman spokesperson said in an email.