BlackRock to prepare firm for Fink exit

BLACKROCK is set to reshuffle its senior staff as part of a long-term succession plan for its founder and chief executive Larry Fink.

The world’s biggest asset manager, with $4.3 trillion (£2.6 trillion) under management, is shifting at least 10 senior executives in a bid to give younger staff added responsibilities.

Fink, 61, has no plans to retire soon and president Rob Kapito would be his obvious replacement. However the company has faced recent criticism for its lack of an obvious succession strategy.

Both Fink and Kapito are to stay in their roles, a memo states.

Charlie Hallac, who was the company’s first employee in 1988 and who is being treated for colon cancer, will become co-president.

Rob Goldstein, a 20-year BlackRock veteran and current global head of the asset management firm’s institutional client business, will fill Hallac’s former role of chief operating officer (COO) from 1 June.

Mark McCombe, chairman of BlackRock Asia Pacific, was named global head of the institutional client unit, based in New York. He will also become chairman of BlackRock Alternative Investors.

Other moves include the promotion of Rich Kushel to chief product officer, Ryan Stork to head of BlackRock Asia Pacific and Ken Wilson to Alpha Strategies chair. Salim Ramji is set to join as global head of corporate strategy and Patrick Olson will become COO of Europe, the Middle East and Africa.