Goldman Sachs has appointed veteran investment banker, David Solomon as its new Chief Executive Officer (CEO).  Solomon will replace Lloyd C. Blankfein who has run the firm since 2006 and will and remain chairman until the end of the year. However, he will hand over the Chief Executive role to Solomon on October 1.

With Solomon’s appointment, the company expects to begin a series of management reforms in the upper ranks of the firm, as the new Chief Executive elects his lieutenants. He will also have responsibility over a plan to increase the bank’s revenue by $5 billion over a three-year period.

Lloyd Blankfein who spent 36 years in Goldman Sachs Group Inc. could get as much as $84.7 million in compensation when he leaves. According to the reports,  the target values for Blankfein’s performance cash grants and share awards were $35 million and $43.5 million, respectively.  He also have $6.2 million in pension and deferred compensation as of the fiscal year-end.

According to the Bloomberg Billionaire Index, Blankfein has a net worth of about $1.3 billion.