By Liz Hoffman
Gregg Lemkau, Goldman Sachs Group Inc.'s co-head of investment banking, is leaving the Wall Street bank to run the investment firm started by technology tycoon Michael Dell.
The move, first reported by The Wall Street Journal, turned heads inside the firm and across the industry. Mr. Lemkau ran the most profitable investment-banking unit on Wall Street and was well-liked both internally and by clients after a long career putting together technology and media mergers.
But he was a long shot to become chief executive one day -- current CEO David Solomon is just two years into the job, and his No. 2 is roughly Lemkau's age -- and has flirted with jobs in private equity over the years. He informed Mr. Solomon of his decision over the summer, according to people familiar with the matter.
Mr. Lemkau joined Goldman in 1992 and spent his career as a counselor to big technology and media companies. He was promoted in 2013 to co-run its mergers and acquisitions business and again in 2017 as co-head of its investment-banking arm.
Dell Technologies Inc. is a company he knows well: He worked on the computer maker's 2013 leveraged buyout, its takeover of EMC Corp. -- at the time the largest tech merger ever -- and its complicated return to the public markets two years ago.
Mr. Lemkau will be CEO of MSD Partners, which manages about $15 billion including some of Mr. Dell's fortune and has plans to grow. (It is distinct from the billionaire's family office, MSD Capital.)
He will be succeeded by Jim Esposito, who since 2016 has been a co-head of Goldman's trading division.
Write to Liz Hoffman at email@example.com
(END) Dow Jones Newswires