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BlackRock reshuffles senior management team

BlackRock reshuffles senior management team

BlackRock has announced a major reshuffle to its senior management team, amid plans to cut 500 jobs to focus on higher growth areas.

Mark Wiedman, who led the company’s ETF and index investments business has been promoted to head of international and corporate strategy.

In his new role, Wiedman will focus on high growth markets in the Asia Pacific and EMEA. He will work closely with Rachel Lord, head of EMEA, and Geraldine Buckingham, global head of corporate strategy.

Lord and Buckingham will continue to report to BlackRock CEO Larry Fink, with a joint report to Wiedman, the company said in a memo to employees.

In driving BlackRock’s corporate strategy globally, Wiedman will partner closely with Rob Goldstein, COO and head of BlackRock solutions, and Gary Shedlin, the firm’s CFO.

Salim Ramji will succeed Wiedman as global head of iShares and index investments. He will rejoin BlackRock’s global executive committee and report to Rob Kapito, president of the company.

In addition to leading iShares globally, Ramji will also head the US and Canada iShares business on an interim basis, BlackRock said.

Succeeding Ramji as head of US wealth advisory (USWA) is Martin Small. He will report to Mark McCombe, who is the head of Americas, and will continue working with the USWA team to deepen relationships with wealth managers.

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