Marty Chavez, once a strong contender for the Chief Executive Position at Golden Sachs and one of the few openly gay executives in a top job on Wall Street, will retire at the end of the year and become an honorary senior director.
Being a technology maven, Chavez got known as the computer programmer, the force behind Goldman Sachs' technology efforts, a key in advancing Goldman's trading technology.
It was his mission to integrate computer engineers into Goldman Sachs.
He had once overseen the company's almost 9,000 coders.
As co-head of Goldman's trading division, Chavez will be replaced by Marc Nachmann, 48, who will work alongside Goldman's co-heads Ashkok Varadhan and Jim Esposito.
A Latino among a largely white group of executives, Chavez, 55, has 19 years at the bank and was known as one of the friendlier faces of Goldman Sachs.
Chavez rose to be a chief financial officer in 2017 and was seen as a possible, though a long-shot successor of then-chief executive Lloyd Blankfein.
With only 18 months as a chief financial officer, he got assigned by new Chief Executive Officer David Solomon as one of the three co-heads in the bank's securities division when Solomon took office.
This was seen by many on Wall Street as a demotion in Solomon's executive shuffle.
Solomon, together with President and Chief Operating Officer John Waldron and COO Stephen Scherr acknowledge that "Marty has been an outstanding role model" adding he is also a "mentor to many."
They also noted Chavez being "a strong advocate for the firm's diversity and inclusion efforts" with him being dedicated and passionate "in promoting LGBT inclusion both in and outside the workplace."
Chavez's departure is the latest in a slew of changes since Solomon became CEO on October 2018. The others who left were Pablo Salame and Isabelle Ealet.
When asked of his plans, Chavez, admitted that since he doesn't do very well sitting around doing nothing, said he plans to relax for a few months then move to Los Angeles with his family and teach at Stanford's Graduate School of Business in spring a course called "How Software Ate Finance."
German-born Nachmann is presently in London as co-head of the banking group.
With 25 years at Goldman, he was head of the Global Financing Group and head of Goldman Sachs Latin America arm.
Esposito and Nachmann had run the firm's financing group within investment banking, handling stocks and bond offerings, acting as a bridge between dealmakers and traders.
Nachmann was named partner in 2004.
In a staff memo, Solomon, Waldron, and Scherr said that Nachmann will bring his experience, grow Goldman's securities franchise and expand its financing capabilities.
