BlackRock has reshuffled the senior management of its index investing business, iShares, promoting the boss of that division, Mark Wiedman, to a new role developing corporate strategy globally.
It is understood that the promotion places Wiedman alongside a number of other executives in the running to be Fink’s future successor.
In a memo to employees, seen by Citywire, BlackRock chief executive Larry Fink announced the promotion of Wiedman to the position of head of international and corporate strategy. Fink also hinted at a number of other changes to come this year.
‘Growing the firm in this environment requires even closer connections between strategy and execution. I am asking Mark [...] to review and sharpen our business strategies, to tighten their link to operating plans, and to allocate firm resources and talent to serve clients and drive growth,’ Fink said.
‘With these changes, and others we’ll make later this year, our aim is to bring the firm closer together, to simplify our organization, to make us more nimble, and to create new opportunities to drive growth and serve our clients.’
Wiedman’s promotion has sparked a series of further job changes, with Salim Ramji, who has been head of the US wealth advisory business, to succeed Wiedman as global head of index investments and the $1 trillion iShares business.
In this new role, Salim will rejoin the firm's global executive committee and report to BlackRock president Rob Kapito.
In turn, Martin Small succeeds Salim as head of US wealth advisory. He was head of iShares US and Canada. He will report to head of Americas Mark McCombe.
While there is no suggestion that BlackRock’s CEO is planning to retire, there is a select group of executives who have been tipped as his future replacements, including Kapito, McCombe, chief operating officer Rob Goldstein, head of multi-asset and fixed income Richard Kushel and head of active equities Mark Wiseman.