Goldman says David Solomon will succeed Lloyd Blankfein as CEO in October

David Solomon finally has a start date for his reign atop Goldman Sachs Group.

Solomon will succeed Lloyd Blankfein as the firm’s chief executive officer on October 1, the bank said in a statement Tuesday. Blankfein will step down as chairman at the end of the year, when Solomon will also take on that role. Solomon’s stature as the heir apparent was cemented in March, when the firm announced that he would become sole president while Harvey Schwartz — his chief rival for the job — would leave the company.

Having a set timeline potentially gives Solomon a freer hand in carrying out critical leadership changes across the firm that have been expected after Blankfein’s 12-year-run as the CEO. The handover is taking place as the firm diversifies away from its trading operations, a traditional profit center, and pushing deeper into newer areas like consumer lending.