Finding a CEO successor is an expensive undertaking. That’s why, when firms identify a promising successor in-house, they spare no expense to keep them. Goldman Sachs is a prime example.
In a January regulatory filing, the bank announced an $80 million retention bonus for 55-year-old John Waldron, its president and chief operating officer, who is widely viewed as the heir apparent to CEO David Solomon, 63. The bonus, awarded in restricted stock, vests only if Waldron stays for five years. He’ll also participate in Goldman’s new carried interest program, which grants top leaders a share of profits from the firm’s alternative investment funds.
