Wednesday, 31 August 2016
Last updated 2 hours ago
Apr 8 2013 | 9:53am ET
Stephen Friedman, the chairman of private equity firm Stone Point Capital and a former Goldman Sachs CEO, is retiring from the bank's board of directors.
Friedman served as Goldman's chief from 1990 through 1994 and worked at the bank for nearly 30 years. He led the bank's mergers unit and served as co-head of investment banking prior to becoming its co-chairman and, after Robert Rubin was named Treasury Secretary in 1992, its sole chairman.
He joined Goldman's board in 2005, the same year he became Stone Point's chairman, and currently serves as chairman of its risk committee.
In addition to his work for Goldman, Friedman also served on former President George W. Bush's economic team and was chairman of the Federal Reserve Bank of New York, a post that he stepped down from amidst criticism during the financial crisis, when the bank was providing bailout funds to Goldman and others.
Friedman, who has reached Goldman's mandatory retirement age for directors, 75, will step down on May 22. He will be replaced on the risk committee by Adebayo Ogunlesi, head of private equity firm Global Infrastructure Partners, who joined Goldman's board last year.