BlackRock’s head of U.S. Wealth Advisory Martin Small will take over as the asset manager’s next CFO with effect from 2023, following the conclusion of the company’s 2022 financial obligations around Mar. 1 of next year.
After BlackRock completes its 2022 financial reporting procedures, which is projected to happen around March, Small will succeed Gary Shedlin and assume the duties of CFO. As the company’s new vice chairman, Shedlin will deal directly with its most important strategic clients.
“Gary has worked with and been a friend of BlackRock for many years, initially serving as our outside financial advisor and most recently serving as our CFO”, according to a statement from BlackRock Chairman and CEO Laurence Fink.
He was a crucial player in several of our most revolutionary transactions as an investment banker. Additionally, Gary’s role as CFO has allowed him to guide BlackRock through a critical period in its history.
Before joining the asset management in 2013, Shedlin worked for 25 years in the investment banking industry and for BlackRock as a longtime strategic adviser.
Prior to joining BlackRock, Shedlin worked for Morgan Stanley as vice chairman, managing director of investment banking, and financial institutions group. He has previously served in executive capacities with Citigroup.
BlackRock’s shares were trading over 5% higher, which is a positive sign that investors are embracing the change. The fact that Shedlin will remain with the company and his departure will take place after reporting season, should help calm investors’ anxieties.
BlackRock and conservative American lawmakers and politicians are still at odds over their respective environmental, social, and corporate governance (ESG) policies as of the time of Small’s appointment announcement.
But Greggory Warren, a senior analyst at Morningstar, claims that the company’s decision to name Small as CFO was not in any way under influence by its on-going ESG battle with conservative politicians.
Small, who oversaw the company’s iShares subsidiary in addition to leading U.S. Wealth Advisory, has experience in capital markets investment management, according to Warren.
