At which point he decided he’d stick around for another 20 or so years.
J.P. Morgan named finance executive Marianne Lake to succeed Douglas Braunstein as chief financial officer […]
What do you know about soon-to-be Goldman Sachs CFO Harvey M. Schwartz? Probably not much, but luckily Bloomberg profiled the guy today and came back with a couple moderately amazing tidbits about longtime chief financial officer David Viniar’s successor. Such as one, the fact that he likes his women with some gunshot wounds (“Schwartz…lives with Annie Hubbard, whom he met in 2003, a year after she was shot helping subdue a hostage-taker at an East Village bar”) and two, to date he is the only known Goldman Sachs executive to play a role in a chick lit novel that went on to become a major motion picture (Jon Winkelried’s cameo in The Notebook, which was left on the cutting room floor, sadly does not count).
Schwartz and Hubbard make an appearance in the best-seller “Eat, Pray, Love,” where they’re credited with helping author Elizabeth Gilbert buy a house for a friend in Indonesia. “I sent out this e-mail to everybody that I knew, and I got an e-mail back from Annie saying that her boyfriend, Harvey, would like to contribute $10,000 to the cause,” Gilbert said in an interview.
In addition to his generosity, shareholders will also be happy to hear that there’s no risk of Schwartz pulling a Jimmy Cayne, i.e. working on his golf game in moments of minor to major crisis (“Jim Rothenberg, who plays with Schwartz about three times a year, said Schwartz’s high-teens golf handicap is a reassuring sign he’s not playing too much. ‘I wouldn’t say Harvey’s a good golfer, which is a good thing if he’s going to be CFO of Goldman Sachs,’ he said.”)
Back in 2009, Goldman Sachs Chief Financial Officer David Viniar, whose face may not be as recognizable to you as that of Lloyd’s but whose voice you’ve likely found just as if not more soothing each time you hear it during the firm’s earnings calls, decided he was ready to move on after a three-plus decade long career with The Firm. Normally, that would have been just fine; people would have wished Viniar all the best as he happily waved good-bye to all his colleagues and friends from the gondola lift made of fluffy clouds and money that transports all Goldman Sachs executives to retirement.
Unfortunately for DV, however, it was around the time that he started to think about leaving that Goldman hit some unfortunate rough patches that included “a civil fraud suit by the Securities and Exchange Commission over marketing of mortgage-related securities, a federal criminal probe on the same matter, and a civil suit brought by a hedge fund that bought a Goldman CDO.” And while other higher-ups– no names: Jon Winkelried– would have thought nothing of abandoning Lloyd in his time of need or what kind of message it would have sent that a top official was calling it quits, David “Bones” Viniar is a little more loyal than that. Lot more loyal in fact (“He’s so loyal he’s only going to do anything when the timing is appropriate,” one person said at the time, adding that “David will do whatever the firm asks of him”) and so he stayed. Stayed by Lloyd’s side during his darkest hour. Stayed when the Goldman needed him most. And although some might have hoped he’d forget about wanting to leave; that he could be tricked into staying “just one more year” and another and another and another after that; that that good-bye he put on hold would stay on hold forever; that, if all else failed, Gary Cohn could put him in a sleeper hold with his legs…that good-bye has come.
Goldman Sachs today announced that Harvey M. Schwartz, the global co-head of the Securities Division, will become Chief Financial Officer at the end of January 2013. After a distinguished 32 year career at the firm, including 12 years as the Chief Financial Officer, David Viniar has decided to retire and will join the Board of Directors as a non-independent director at that time. The firm expects to appoint additional independent directors to its board in the near term.
Generally speaking, when people gather around to play a parlor game of guessing who will […]