BlackRock, Inc. (NYSE: BLK) today announced that Gary S. Shedlin, a
long-time strategic and financial advisor to BlackRock, will join the
Firm as Senior Managing Director and Chief Financial Officer. Mr.
Shedlin will become a member of BlackRock’s Global Executive Committee,
reporting to Chairman and Chief Executive Officer Laurence D. Fink.
Mr. Shedlin will succeed Ann Marie Petach, who is joining BlackRock
Solutions as Senior Managing Director in the Client Solutions business,
where she will help to develop critical client relationships and
business initiatives with a special focus on solutions offerings for
public and private pension funds. Mr. Shedlin will join the Firm on
March 11, 2013 and work closely with Ms. Petach through a transition
period until she completes her tenure as CFO following the reporting of
BlackRock’s first quarter earnings results. Mr. Shedlin will assume the
role of CFO at that time.
“We’re fortunate to have two executives with the depth and breadth of
experience of Ann Marie and Gary assuming new roles with BlackRock,” Mr.
Fink said. “As a key member of our senior management team, Ann Marie has
helped guide the Firm through a number of significant milestones,
including our acquisition of BGI and the transformation of our company
to one with a broad base of shareholders. In addition, she has helped
build our financial infrastructure to support one of the largest
financial services companies in the world. We’re extremely pleased that
Ann Marie is assuming this important new role with our Client Solutions
business consistent with the desire she expressed last year to work
directly with clients. This new role leverages her deep knowledge of
BlackRock and her prior experience as a client to help build a key
strategic area for the Firm.”
Ms. Petach said: “I’m looking forward to working more directly with our
clients and assisting in solving some of their most pressing challenges.
As a former corporate treasurer at Ford Motor Company who was
responsible for pension, banking and risk management issues, and more
recently as BlackRock’s CFO, I’m intimately familiar with the challenges
facing many of our clients. BlackRock is uniquely positioned to assist
these clients in the current environment, and I will be working with our
team to offer clients solutions that leverage the full array of
resources BlackRock has to offer them.”
Mr. Shedlin joins BlackRock from Morgan Stanley, where he is Vice
Chairman, Investment Banking and a Managing Director in the Financial
Institutions Group. Mr. Shedlin has spent more than 25 years advising
companies in the financial services sector including as Chairman of the
Financial Institutions Group at Citigroup and Managing Director and
Co-Head of the Financial Institutions Group at Lazard.
Mr. Shedlin has served as a trusted advisor to BlackRock on virtually
all of its most significant strategic transactions. As Chief Financial
Officer, he will be responsible for all of BlackRock’s Corporate Finance
functions including Business Finance; Accounting; Finance Operations;
Tax, Treasury and Risk Management; and Investment Products & Controls.
He also will be responsible for Investor Relations and Corporate
Development as well as Strategy, which has a co-report to Mr. Fink.
“Given his strategic insight and leadership ability, Gary is well
positioned to build on the world-class finance organization that Ann
Marie has helped to establish, and I am delighted to welcome him to
BlackRock. Gary has an intimate knowledge of BlackRock and knows our
industry well. I am confident that he will lead our finance operations
as a partner in driving our business through our next phase of
disciplined growth,” Mr. Fink said.
Mr. Shedlin said: “It has been a privilege to be part of Morgan Stanley
and to work closely with Larry and other senior executives at BlackRock
as the Firm has evolved to meet the needs of clients. I am tremendously
excited to now be a part of this very talented management team and to
help contribute to BlackRock’s continued success in leveraging the
unique, global asset management platform it has built.”
About BlackRock
BlackRock is a leader in investment management, risk management and
advisory services for institutional and retail clients worldwide. At
December 31, 2012, BlackRock’s AUM was $3.792 trillion. BlackRock offers
products that span the risk spectrum to meet clients’ needs, including
active, enhanced and index strategies across markets and asset classes.
Products are offered in a variety of structures including separate
accounts, mutual funds, iShares® (exchange traded funds), and
other pooled investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base of
institutional investors through BlackRock Solutions®.
Headquartered in New York City, as of December 31, 2012, the firm has
approximately 10,500 employees in 30 countries and a major presence in
key global markets, including North and South America, Europe, Asia,
Australia and the Middle East and Africa. For additional information,
please visit the Company's website at www.blackrock.com.
Forward-looking Statements
This report, and other statements that BlackRock may make, may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act, with respect to BlackRock’s future financial or
business performance, strategies or expectations. Forward-looking
statements are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,” “position,”
“assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,”
“seek,” “achieve,” and similar expressions, or future or conditional
verbs such as “will,” “would,” “should,” “could,” “may” and similar
expressions.
BlackRock cautions that forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over time.
Forward-looking statements speak only as of the date they are made, and
BlackRock assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially from
those anticipated in forward-looking statements and future results could
differ materially from historical performance.
In addition to risk factors previously disclosed in BlackRock’s
Securities and Exchange Commission (“SEC”) reports and those identified
elsewhere in this report the following factors, among others, could
cause actual results to differ materially from forward-looking
statements or historical performance: (1) the introduction, withdrawal,
success and timing of business initiatives and strategies; (2) changes
and volatility in political, economic or industry conditions, the
interest rate environment, foreign exchange rates or financial and
capital markets, which could result in changes in demand for products or
services or in the value of assets under management; (3) the relative
and absolute investment performance of BlackRock’s investment products;
(4) the impact of increased competition; (5) the impact of future
acquisitions or divestitures; (6) the unfavorable resolution of legal
proceedings; (7) the extent and timing of any share repurchases; (8) the
impact, extent and timing of technological changes and the adequacy of
intellectual property and information security protection; (9) the
impact of legislative and regulatory actions and reforms, including the
Dodd-Frank Wall Street Reform and Consumer Protection Act, and
regulatory, supervisory or enforcement actions of government agencies
relating to BlackRock or The PNC Financial Services Group, Inc. (“PNC”);
(10) terrorist activities, international hostilities and natural
disasters, which may adversely affect the general economy, domestic and
local financial and capital markets, specific industries or BlackRock;
(11) the ability to attract and retain highly talented professionals;
(12) fluctuations in the carrying value of BlackRock’s economic
investments; (13) the impact of changes to tax legislation, including
income, payroll and transaction taxes, and taxation on products or
transactions, which could affect the value proposition to clients and,
generally, the tax position of the Company; (14) BlackRock’s success in
maintaining the distribution of its products; (15) the impact of
BlackRock electing to provide support to its products from time to time
and any potential liabilities related to securities lending or other
indemnification obligations; and (16) the impact of problems at other
financial institutions or the failure or negative performance of
products at other financial institutions.
BlackRock's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and BlackRock's subsequent filings with the SEC, accessible on the SEC's
website at www.sec.gov
and on BlackRock’s website at www.blackrock.com,
discuss these factors in more detail and identify additional factors
that can affect forward-looking statements. The information contained on
the Company’s website is not a part of this press release.