Mark Wiedman, one of BlackRock’s most senior executives and a potential successor to CEO Larry Fink, is leaving the world’s largest asset manager in a shuffle of its top ranks of leadership.
Wiedman, head of the global client business and a veteran of the firm for two decades, has chosen to pursue opportunities outside the company, according to people with knowledge of the matter. The firm is expected to elevate multiple executives as soon as this week, some of the people said.
The departing executive oversaw the early growth of the firm’s massive ETF business, helped start its prominent financial-markets advisory business that has advised the US Federal Reserve and US government through financial crises and led corporate strategy for the company.
Most recently, Wiedman has been in charge of the global client business and relationships with key financial clients across the world. He has led its efforts to transition to a low-carbon economy.
Next generation
Fink, 72, said in July that he’s working to ready the next generation of leaders at the firm. Other potential successors include CFO Martin Small, COO Rob Goldstein, senior managing director and head of international Rachel Lord and Raj Rao, a member of the firm’s global executive committee.
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“I don’t want to be somebody there sitting there just blocking and tackling,” Fink said in Washington at an event about retirement. “When I do believe the next generation is ready, I’m out.”
Fink may also stay on as chairman even if he steps down as CEO, he added.
Wiedman’s departure follows the exit of Salim Ramji, also once considered a potential successor and now the chief executive of Vanguard Group.
BlackRock just completed a transformative year, committing almost US$30 billion ($41.02 billion) in three deals to position the firm to become a major player in alternative and private assets.
The firm completed its US$12.5 billion acquisition of Global Infrastructure Partners in October and is in the process of closing a deal for data firm Preqin.
Its US$12 billion purchase of private credit shop HPS Investment Partners will refashion the asset manager’s ability to provide a full range of public bonds and private credit financing to borrowers across markets.
BlackRock is scheduled to report its fourth-quarter earnings on Wednesday.
