BlackRock Shakes Up Top Management Ranks – (BLK)

The world’s largest asset-management firm BlackRock, Inc. (BLK) is reportedly shaking up its management by shifting at least 10 senior execs into new or different roles, reports Reuters.

Blackrock’s co-founders Laurence Fink and Robert Kapito announced the management reshuffle in a memo to employees.

The reshuffling of the New York-based firm that manages $4.3 trillion in assets, is seen as its most sweeping managerial overhaul in years and a big step toward picking a successor to 61-year-old Fink, one of the most powerful and well-known executives on Wall Street.

“Periodically moving leaders to new roles as part of this process was a key rationale for the reorganisation of the firm in 2012 and is a key driver of the management changes we are announcing today,” Fink wrote.

Among other changes, the firm named Charlie Hallac, who was the company’s first employee in 1988, as a new co-president and tapped Rob Goldstein, a 20-year BlackRock veteran, as a new chief operating officer, while promoting a number of other exec, including Mark McCombe, the company’s head in Asia. McCombe was named global head of the institutional client unit, based in New York.

The moves are seen as strengthening Rob Kapito’s position as the heir apparent to Larry Fink, according to people at the company. Mr. Kapito, 57, has been president of the firm since 2007.

BlackRock is scheduled to report its Q1financial results on April 17.

Shares of BlackRock closed at $308.92 on Friday.

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