BlackRock Inc.’s share price down, decides to make changes in executives’ ranks

BlackRock Inc., the largest money managing company worldwide, is making reorganization in its management team, which will lead to new roles for 10 senior executives.

According to people with knowledge of the boards discussions, over the last few years, Mr. Larry Fink, companys Chief Executive Officer, viewed as one of the most powerful people on the Wall Street, has been working to delegate additional responsibilities to several senior executives from the younger generation.

In a call with the companys employees on Sunday, both Mr. Fink and the President of the company Mr. Robert Kapito emphasized on the fact that Mr. Fink is to stay with BlackRock Inc. during the years that are yet to follow.

According to CEO Finks and President Kapitos memo to the companys staff from Sunday, the previous Chief Operating Officer of the company – Charles Hallac – was appointed as co-president of BlackRock Inc., and the current head of the institutional client business as well as of the Solutions advisory division of the company – Rob Goldstein – was named as Chief Operating Officer.

The Vice Chairman of BlackRock Inc. – Mr. Philipp Hildebrand also commented the decision of the company to reshuffle its management team for Bloomberg: “This is not about a change at the top, it’s about making sure our leadership collectively gets strengthened. We are moving these people into new positions, exposing them to new environments and new geographic regions to make sure they are ready when they need to be.”

According to Financial Times, shares of BlackRock Inc. dipped 0.61% to 307.04 USD on the NYSE, while companys one-year return rate was 24.94%. According to CNN Money, the 17 analysts offering 12-month price forecasts for BlackRock Inc. have a median target of 344.00, with a high estimate of 390.00 and a low estimate of 300.00. The median estimate represents a +12.05% increase from the last price of 307.04.