BlackRock Inc's CEO, Larry Fink, has been preparing five key leaders within the company to potentially succeed him when he eventually steps down, according to the Wall Street Journal. While Fink has no immediate plans to retire, he and President Robert Kapito have been training these candidates for what Fink refers to as "The Great Race."
The Five Contenders for CEO Position
The five possible successors include Mark Wiedman, who oversees the global commercial business; COO Rob Goldstein; CFO Martin Small; Rachel Lord, head of the Asia Pacific business; and Salim Ramji, leader of ETFs and indexing products.
Fostering Camaraderie Among Candidates
Fink expressed his desire to build camaraderie, rather than competition, among the five contenders, so they continue to work together effectively.
Fink's Indefinite Retirement Timeline
Although Fink did not provide a specific timeline for his retirement, he mentioned that he would prefer not to be at BlackRock in his late 70s, and there's a possibility that he may stay on as chairman after stepping down as CEO.
BlackRock's Stance on ESG Issues
Last year, activist hedge fund Bluebell Capital Partners targeted BlackRock, suggesting the replacement of Fink as CEO, and accused the asset management giant of being inconsistent in its focus on environmental, social, and corporate governance (ESG) issues. In response, BlackRock stated that it plans no major changes to its engagement with companies.