BlackRock announces management shake-up

BlackRock has announced a management shake-up as part of the long-term succession planning for its founder and chief executive Larry Fink.

Fink, 61, and his co-founder and president Robert Kapito, 56, are not expected to leave the firm for some time but said in a memo that they wanted to develop potential leaders.

More than 10 senior executives have been given new roles.

The most significant promotion is that of Robert Goldstein, 40, currently head of institutional client business who replaces Charles Hallac as chief operating officer. Hallac, 49, who is undergoing treatment for colon cancer has been made co-president.

BlackRock, which manages $4.3 trillion of funds, said Hallac’s deputy Richard Kushel moves to become chief products officer.

Mark McCombe, a former senior executive at HSBC, moves from head of Asia to take up Goldstein’s role as head of institutional client business.