Goldman’s commodities chief to retire in March

Dive Brief:

Ed Emerson, Goldman Sachs’ head of global commodities, will retire in March after a 24-year stint at the bank, Reuters reported Tuesday, citing an internal memo.

Emerson ranks as one of Goldman’s top-paid executives, earning roughly $100 million over the past three years, people familiar with the matter told Bloomberg. CEO David Solomon, by comparison, took in $77.5 million over the same time frame, the wire service reported.

Xiao Qin and Nitin Jindal will become co-heads of Goldman’s commodities operation in Emerson’s stead, according to a separate memo seen by Reuters. Emerson will stay on as an advisory director, the wire service reported.

Dive Insight:

In addition to being a top earner at Goldman, Emerson is known throughout the firm as a vocal critic of Solomon’s leadership — though he reportedly remains close with the bank’s president, John Waldron, and its trading boss, Ashok...