A key Goldman Sachs executive known as a power broker internally and in political circles is stepping back from some of his responsibilities, according to a memo Tuesday from CEO David Solomon.
John Rogers, who joined Goldman in 1994 and served as chief of staff to four of the bank’s CEOs, is giving up that role next month, Solomon said in the employee memo.
For decades, Rogers, 67, wielded outsized influence at Goldman, an institution sometimes called “Government Sachs” because former executives have gone on to presidential administration roles. In fact, Rogers helped former CEO Hank Paulson become Treasury secretary in 2006, according to The New York Times, which first reported Rogers’ announcement.
While Rogers is ceding his chief of staff responsibilities to Russell Horwitz, a former deputy of his who was most recently global affairs chief of Citadel, he is retaining other roles. Rogers remains a management committee member, chairman of several philanthropic efforts, and involved in regulatory and corporate governance projects, Solomon said.
As incoming chief of staff, Horwitz, who spent 16 years at Goldman before departing in 2020, will oversee corporate communications and government and regulatory affairs. Horwitz is rejoining Goldman at the coveted partner rank. He will also be a management committee member reporting to Solomon.
“Please join me in thanking John for his long and impactful tenure as chief of staff, as well as his continued commitment to Goldman Sachs in his other firmwide responsibilities, and in welcoming Russell back to Goldman Sachs,” Solomon said.
The move comes at a key time for Goldman’s CEO. Solomon has endured criticism from some partners and investors over an ill-fated consumer banking effort, his high-profile DJ hobby and other missteps.