What does the world's most hated investment bank do when it wants to appear as though it is best serving the interests of both shareholders and clients? It grabs a PwC alum, that's what.
James J Schiro got his start with PwC way back in 1967 (back when it was just plain ole Pw), clawing his way up to Chairman and senior partner in 1994 and CEO in 1998.
On Monday, Goldman Sachs named Schiro as lead director after a bit of back and forth with shareholders, who didn't like the idea of Goldman CEO Lloyd Blankfein serving as both chairman and CEO. As lead director, Schiro will also be chair of the Corporate Governance and Nominating Committee. Schiro has been a director at Goldman since May of 2009.
One particular group of shareholders – the American Federation of State, County and Municipal Employees – said the lead director position would “provide a much-needed and vital check on the company’s practices and conflicts of interest.” We have no idea where they'd get a crazy idea like this but apparently the group is worried that Goldman's actions and practices “are not in the best interest of the clients they serve.”
"I am pleased that Jim Schiro will become our new Lead Director and Chair of the Corporate Governance and Nominating Committee. Since joining our Board, Jim has been an influential voice, and I know our people and our shareholders will benefit greatly from his deep experience in his new role on our Board," said Blankfein in a statement.