One of Goldman Sachs' co-presidents, a part-time DJ, is set for promotion, while the other, a karate black belt, is packing his bags. Harvey Schwartz, appointed co-president when Gary Cohn left for the White House in December 2016, will leave the firm after its board of directors chose fellow co-president David Solomon to succeed current CEO Lloyd Blankfein, reports the Wall Street Journal. Chief financial officer from 2013 to 2016, Schwartz, 54, was initially thought to have a leg up on Solomon as he's better known throughout the firm. But Blankfein told the board he preferred Solomon, who oversaw the firm's investment bankers beginning in 2006, doubling the unit's profit margin over a decade, and has pushed for the hiring of more women, per the New York Times. Blankfein has held the top job since 2006.
With Schwartz's retirement on April 20, the 56-year-old Solomon will be named the sole president of Goldman Sachs. He'll become "perhaps the banking industry's most prominent spokesman" when Blankfein opts to retire, possibly as early as this year, the Times reports. That might mean a little less time for Solomon's musical pursuits. The investment banker also works part-time as a DJ under the name D-Sol, who boasted of having his electronic rendition of "Don't Stop" by Fleetwood Mac featured on Sirius XM radio earlier this year, per the New York Post. Schwartz, meanwhile, might find more time for karate as he charts his next move. "It's been an incredible 21 years. I've gotten more out of the firm than I put in," he said at a Monday meeting, per the Journal. "It's been an honor."