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Goldman Sachs shakes up M&A ranks with new global co-chairs
[LONDON] Goldman Sachs has promoted veteran bankers Michael Carr, Dusty Philip and Gilberto Pozzi to co-chair its global mergers and acquisitions business, a memo seen by Reuters showed.
The three will work alongside two other existing co-chairs - Tim Ingrassia and Gene Sykes - to focus purely on critical advisory work and drive execution on important M&A transactions.
Stephan Feldgoise and Mark Sorrell will replace them as Goldman's new co-heads of global M&A, the memo said, taking on the job of navigating the complexities of getting deals done despite travel restrictions and the uncertainty posed by Covid-19.
The leadership shake-up comes as the pace of M&A dealmaking heats up as bankers around the world seek to make up for lost time and complete some of the transactions put on hold earlier this year due to the coronavirus crisis.
The appointments of new co-chairs will help Goldman to free up some of its most senior bankers and shift them into new jobs focused purely on bringing in business.
Mr Carr and Mr Pozzi became global M&A co-heads in 2015, focusing on the United States and Europe respectively, while Philip took on the same role in 2018.
Mr Feldgoise, a 23-year Goldman veteran and a member of the investment banking executive committee, will drop his current job as co-head of M&A for the Americas but will continue as global head of the bank's consumer and retail group.
Mr Sorrell, previously head of M&A in Europe, the Middle East and Africa (EMEA), has a career spanning 26 years at the bank where he will now join the investment banking executive committee. He will also retain his previous role as co-head of the UK investment banking business.
As part of its leadership shake-up, Goldman recently appointed Gonzalo García and Anthony Gutman to jointly run its investment banking division in EMEA and work closely with Wolfgang Fink, chief executive of Goldman Sachs Bank Europe.