We have a new pope!
Goldman Sachs today named President Lloyd Blankfein to succeed Henry Paulson as chairman and chief executive officer. Even prior to Paulson's nomination as the next Treasury Secretary, Blankfein was considered the favorite to succeed him. In recent days, however, there had been speculation that Goldman would return to the dual leadership structure it sometimes employed prior to going public.
The Bloomberg story includes speculation that some feared splitting the CEO and chairman positions would show a lack of confidence in Blanfein's leadership.
``It would have been less than a vote of full confidence had they done anything less than they did,'' said Michael Holland, who oversees $4 billion as chairman of Holland & Co. and works with Blankfein to raise money for scholarship students to attend college. ``If anyone in my history on Wall Street has earned the titles, he has.''