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Goldman will appoint Denis Coleman as its new CFO beginning subsequent 12 months to switch Stephen Scherr

Stephen Scherr, Chief Strategy Officer and Head of GS Bank USA at Goldman Sachs & Co.

Jon Halty | Bloomberg | Getty Images

Goldman Sachs appointed Denis Coleman as the bank's new CFO starting next year.

Coleman, the current co-head of the company's Global Financing Group, will take over Stephen Scherr, who is stepping down as CFO at the end of the year and retiring in January 2022, Goldman said in a press release on Tuesday.

"Denis has demonstrated his strong judgment and operational skills in increasingly responsible roles and we look forward to his contribution as chief financial officer for the company," said David Solomon, CEO of Goldman, in the press release.

The move marks the first move in Solomon's inner circle, the top executives he appointed as alternates shortly before he acquired Goldman in October 2018. Scherr was part of a wave of investment bankers who came to power after Solomon's appointment as CEO, including John Waldron, the company's president and chief operating officer.

Prior to being promoted to CFO, Scherr, 57, led the company's retail business development efforts, Goldman's first foray into the consumer space. He joined Goldman in 1993 as an Investment Banking Associate and has been continuously promoted to positions such as Head of Finance, Head of Latin America Operations, and Chief Strategy Officer.

"Stephen was instrumental in developing key growth initiatives for the company, including consumer and transactional banking," said Solomon. "In his most recent role, Stephen helped advance the company's strategic goals and facilitate change in the organization, while also focusing on risk, especially during the pandemic."

Coleman joined Goldman in 1996 as an analyst in the firm's bank lending group. He became co-head of US credit capital markets and later co-head of US leveraged finance before moving up to leadership positions in the firm's EMEA finance group.

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