Martin Small, who leads BlackRock's U.S. wealth advisory business, will become the chief financial officer of the world's largest asset manager next year.
Mr. Small will succeed Gary Shedlin and take on the responsibilities of CFO after BlackRock completes its 2022 financial reporting processes, which is anticipated to take place around March. Mr. Shedlin will become a new vice chairman and work directly with key strategic clients of the firm.
"Gary has been involved with — and a friend of — BlackRock for many years: first as our outside financial advisor and for the past decade as our CFO," BlackRock Chairman and CEO Laurence Fink said in a statement. "As an investment banker, he played a key role in our most transformational transactions. And as CFO, Gary has helped lead BlackRock through a crucial decade of the firm's history. We are lucky that he will continue to play a vital role with the firm — now working more closely with clients who can benefit from his deep experience and strategic insight."
Mr. Shedlin spent 25 years as an investment banker and was a longtime strategic adviser to BlackRock before he joined the asset manager in 2013.
As managing director and head of the U.S. wealth advisory business during the past four years, Mr. Small has "vastly" expanded BlackRock's capabilities for wealth clients, the company said. He was previously the head of iShares in the U.S. and Canada and in leadership roles for BlackRock's financial markets advisory unit. Mr. Small was a capital markets investment management and transactional associate at the law firm Davis Polk before he joined BlackRock in 2006.
"Martin has had a truly 'One BlackRock' career at the firm, working across a diverse mix of teams that give him a broad and deep knowledge of the firm and our people," Mr. Fink said in a statement. "As Martin steps into this new role as CFO, BlackRock and our shareholders will benefit from his broad understanding of the firm, sharp intellect and years of experience working with our clients in charting the path forward."
The CFO position is the latest among other recent leadership changes at BlackRock.
In September, BlackRock said that John Lamb, who leads the company's $71 billion real estate business, plans to leave the company in November. BlackRock also announced that Russ Steenberg, who founded BlackRock's $41.9 billion private equity group, would become chairman of the business and hand over the day-to-day operations to Lynn Baranski and Johnathan Seeg.
BlackRock also announced in September the appointment of a new head of corporate strategy and development, and a new head of corporate research in the Asia-Pacific region.