BlackRock Inc. is launching its most sweeping organizational overhaul in years, according to an internal memo.
The world’s largest asset manager is installing new leaders at its alternatives investment division, reorganizing staff and shifting more responsibility for clients to regional leaders, according to the memo to staff Tuesday.
“Today we are making a number of changes designed to ensure we stay ahead of our clients’ and society’s needs,” BlackRock Chief Executive Larry Fink and President Rob Kapito wrote in the memo.
The changes come amid speculation about who will succeed Fink, 66, as the firm’s CEO. A handful of executives are considered to be in the running, including two whose roles are shifting, according to the memo.
In recent years these proteges have been shuffled in a variety of senior positions and Fink has said he prefers not to let one clear successor emerge.
Two men thought to be contenders received new responsibilities. Mark McCombe will take on the newly created role of chief client officer. Mark Wiedman — who earlier this year also got a new job as head of international and corporate strategy — will take on Latin America.