BlackRock executive Mark Wiedman to leave firm, sources say
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FILE PHOTO: Mark Wiedman, Head of the Global Client Business of BlackRock, attends the Global Financial Leaders' Investment Summit, in Hong Kong, China November 8, 2023. REUTERS/Tyrone Siu/File Photo
(Reuters) - Asset manager BlackRock's senior executive Mark Wiedman, who was touted to be a potential successor to CEO Larry Fink, is departing the firm, said two sources familiar with the matter.
Wiedman will leave in the spring, said the sources, speaking on the condition of anonymity.
One of the sources said Wiedman is leaving to pursue other opportunities. The departure is friendly and on good terms, the source said.
Wiedman's departure, reported by the Financial Times earlier on Tuesday, comes a year after another executive, Salim Ramji, left BlackRock in January 2024 and went on to become the CEO of asset management company Vanguard Group, which was announced in May 2024.
Ramji was also once touted to be a potential successor to Fink.
BlackRock declined to comment when asked for more information.
Wiedman, who was the head of global client business at BlackRock in his most recent role, held several key positions at the company since he joined in 2004 from Morgan Stanley.
He was one of the key figures in the asset manager's push towards a low carbon economy, helping sustainable investments grow from $107 billion to $1 trillion, according to the company website.
He also acted as the global head of iShares and Index investments, between 2011 and 2019, which grew from $500 billion to $1.7 trillion.
The departure comes as the company's assets grew to record highs in 2024 and after large acquisitions last year aimed at increasing BlackRock's footprint in private credit and infrastructure.
BlackRock is due to report its 2024 fourth-quarter financial results on Wednesday.
(Reporting by Pritam Biswas in Bengaluru, Davide Barbuscia, Megan Davies in New York; Editing by Alan Barona)
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