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Thursday, January 14, 2021

A BlackRock Co-Founder Retires

News summary by MFWire's editors

One of BlackRock's [profile] co-founders may soon be stepping back while staying on as a senior advisor to the firm.

Barbara Goldman Novick
Vice Chairman, Co-Founder, Global Head of Public Policy
Vice chairman Barbara Novick, 60, is retiring from the New York City-based giant on February 1, according to reports in the Wall Street Journal, Reuters, and P&I. Rumors floated a year ago that Novick was stepping back, but word is that she stayed on in her role longer in light of the turmoil after the COVID-19 pandemic ramped up.

Since 2009, Novick has led BlackRock's public policy and investment stewardship efforts. A company spokesperson reportedly said that no new vice chair has been named and that management is searching for a new global public policy chief. Senior managing director Sandy Boss reportedly took over as global head of investment stewardship last spring. Kathryn Fulton leads U.S. public policy, and Joanna Cound leads European public policy.

In an internal memo, CEO Larry Fink and president Rob Kapito reportedly described Novick as "someone who embodies the BlackRock principles."

"Barbara was not only one of the founders of BlackRock, she also was a founder of the mindset that has been driving our success for 33 years: clients come first," Fink and Kapito reportedly wrote.

Novick, now one of the most powerful women in the asset management business, was one of eight co-founders of BlackRock in 1988. For two decades she led the global client group, before shifting her focus to public policy. She is an alumna of Cornell. 

Edited by: Neil Anderson, Managing Editor

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