David Solomon will get a pay raise when he steps into the role of CEO at Goldman later this year.
Goldman Sachs ' anointed CEO-to-be will be getting an 8 percent increase in his base pay after stepping into the role, the bank disclosed in a securities filing on Tuesday.
Solomon's annual salary as CEO will be $2 million, up from the $1.85 million he got last year as president and co-chief operating officer, as disclosed in the proxy from earlier this year. His 2017 bonus included $5.75 million in cash and $13.41 million in stock units, for a total of $21 million.
His CEO predecessor, Lloyd Blankfein, received $24 million in pay and bonus and incentives for last year.
Blankfein will be walking away from Goldman Sachs with more than a gold watch to mark his retirement as CEO. He turns the wheel over to Solomon on Oct. 1 and will retire as chairman at the end of the year, passing that title to Solomon as well.
Blankfein has socked away tens of millions in accumulated incentive pay, according to Goldman's proxy. As of the end of last year, he had an outstanding 117,609 incentive shares which will continue to vest, according to analysis by Equilar. They have a maximum value of $40.7 million based on Tuesday's closing price of $231, Equilar said.
His pension and deferred compensation add up to another $6.2 million. He's likely to get a bonus for this year, too, since he isn't retiring until the end of December. His bonus last year was $4.4 million cash and $17.6 million in performance-based units.
Blankfein will be senior chairman in retirement. The outbound CEO presided over Goldman for 12 years, from the housing bubble through the financial crisis and through the nearly decade-long bull market since then.