Goldman's David Solomon toasts 63rd birthday with $39M payday

Executive Compensation - Goldman Sachs CEO David Solomon received a total compensation of $39 million in 2023, marking a 26% increase from the previous year [1] - The compensation package includes a $2 million base salary, an $8.3 million cash bonus, and the remainder in stock options [1] - Solomon is eligible for an $80 million retention bonus if he remains with the bank for another five years [1][2] Succession Planning and Retention - President and COO John Waldron, seen as Solomon's potential successor, will receive the same $80 million retention bonus if he stays until 2030 [3][7] - The retention bonuses are part of the board's strategy to ensure leadership stability and maintain a solid succession plan [5] - The decision follows Waldron's brief consideration of joining Apollo Global Management, highlighting the competitive landscape for top talent [4][5] Financial Performance and Strategy - Goldman Sachs reported surging full-year profits, driven by a revival in M&A activity and optimism about the incoming administration's economic policies [2] - The company's stock price has increased by nearly 50% over the past year and 174% since Solomon became CEO in 2018 [6] - Solomon has refocused the bank on traditional investment banking activities after significant losses in its consumer banking arm, Marcus [8] Leadership and Public Perception - Solomon's tenure has faced criticism over his DJing side hustle and use of corporate aircraft, but strong financial results have alleviated investor concerns [9] - Solomon has officially retired from DJing at major clubs and festivals, signaling a shift in focus back to the bank's core operations [8][9]