BlackRock, the world's largest asset manager, has announced that Martin Small, head of the firm’s US wealth advisory business, will succeed Gary S Shedlin as chief financial officer (CFO) in 2023.

Shedlin will transition his CFO responsibilities after the firm completes its 2022 financial reporting processes, which is anticipated to be on or about March 1, 2023, and will take on a new role as vice chairman working directly with key strategic clients of the firm. 

Small will work with Shedlin in the interim to assure a smooth transition, the company said in a statement on Monday.

“Gary has been involved with – and a friend of – BlackRock for many years: first as our outside financial advisor and for the past decade as our CFO. As an investment banker, he played a key role in our most transformational transactions. And as CFO, Gary has helped lead BlackRock through a crucial decade of the firm’s history. We are lucky that he will continue to play a vital role with the firm – now working more closely with clients who can benefit from his deep experience and strategic insight,” said Laurence D Fink, BlackRock chairman and CEO. 

Shedlin joined BlackRock in 2013 after serving as a long-time strategic advisor to the firm during his 25-year career as an investment banker advising companies in the financial services industry.

Small brings deep knowledge of BlackRock to the CFO role. As the head of the US wealth advisory business the past four years, he has vastly expanded BlackRock’s capabilities for wealth clients. He previously served as head of iShares in the US and Canada and in leadership roles for BlackRock’s financial markets advisory unit. Small joined BlackRock in 2006 in its legal & compliance team after serving as a capital markets investment management and transactional associate for the law firm Davis Polk.

“Martin has had a truly ‘One BlackRock’ career at the firm, working across a diverse mix of teams that give him a broad and deep knowledge of the firm and our people. As Martin steps into this new role as CFO, BlackRock and our shareholders will benefit from his broad understanding of the firm, sharp intellect and years of experience working with our clients in charting the path forward,” said Fink.