Goldman Sachs Executive Chris Kojima Departs for General Atlantic

  • Stock Market News
Goldman Sachs Executive Chris Kojima Departs for General Atlantic
Credit: © Reuters.

Chris Kojima, a partner at Goldman Sachs Group Inc (NYSE: GS )., has resigned from his position to take up a senior role at General Atlantic, as reported on Tuesday. The global co-head of Goldman’s client-solutions group is expected to join General Atlantic in early 2024, according to anonymous sources. The move is not yet public.

Kojima has had a long tenure at Goldman Sachs, having joined the firm in 1995. He ascended the ranks to become managing director in 2002 and made partner in 2008. His roles included being the global head of its Asian Network and a board member of “Launch With GS,” an investment platform aimed at increasing capital access for diverse entrepreneurs and investors.

This departure comes as part of ongoing changes within Goldman Sachs Asset and Wealth Management, a unit formed in 2019 by combining various private-market functions at the bank into one. Following his departure, Matt Gibson will take over as head of the client solutions group, reporting to Marc Nachmann, global head of Goldman Sachs Asset and Wealth Management.

Kojima's exit is described as amicable by sources familiar with the bank. In an internal memo seen by MarketWatch, Kojima expressed his anticipation for a continued relationship with Goldman Sachs as an alumnus, client, and advocate.

The departure was first reported by the Wall Street Journal on Tuesday when Goldman Sachs stock fell 3% amid a broad selloff in equities. The stock has declined 10% in 2023 compared with a 0.3% loss by the Dow Jones Industrial Average this year. This is in line with InvestingPro data which shows a year-to-date price total return of -5.09%. Goldman Sachs' market cap, as per InvestingPro, stands at 107.2B USD.

This change is one among many in Goldman Sachs' senior ranks since the formation of its Asset and Wealth Management division. Other recent executive shifts include Laurence Stein's retirement after 27 years at the bank and Julian C. Salisbury's decision to join Sixth Street as co-chief investment officer in 2024.

Despite these departures, Goldman Sachs CEO David Solomon maintains that the turnover of partners at the firm remains in line with historical churn rates. This is in light of the fact that Goldman Sachs has been a prominent player in the Capital Markets industry and has managed to maintain dividend payments for 25 consecutive years, according to InvestingPro Tips. Additionally, the company's management has been aggressively buying back shares and has raised its dividend for 11 consecutive years. For more insights like these, check out InvestingPro which provides access to numerous other tips and metrics.

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