Goldman Sachs Greater China Chmn Fred Hu To Retire
Fred Hu, Greater China chairman for Goldman Sachs Group Inc. (GS) and one of its longest-serving China executives, is leaving his post at the Wall Street bank, a Goldman Sachs spokeswoman said.
Hu will retire as partner in April after 13 years with Goldman Sachs and take up a role as an advisory director for the firm, Angela Yu, spokeswoman for Goldman's Chinese joint venture, said Wednesday.
It's unclear what Hu will do next. He didn't immediately respond to requests for comment.
Goldman will continue to have a substantial management team overseeing its large China operation, including Fang Fenglei, chairman of its joint venture, Goldman Sachs Gao Hua Securities, and Cai Jin-yong, a Goldman partner who is the joint venture's chief executive.
Hu joined Goldman Sachs as chief economist for Greater China before later becoming general manager, then co-head of investment banking in China. He was Henry Paulson's point man in China during the former treasury secretary's time as chief executive at Goldman Sachs, and is close to former Chinese premier Zhu Rongji. He was named chairman of Greater China in 2008.
'Fred has played a significant leadership role in the development of our China franchise and the Asia region and led some of the firm's landmark transactions in financing, advisory and principal investments,' said an internal Goldman memo sent to employees Wednesday. 'We look forward to continuing our relationship with Fred and benefiting from his counsel, knowledge and relationships in his advisory role.'