H. Lee Scott, Jr. Nominated for Election to the Goldman Sachs Board of Directors
New York, March 19, 2010 – The Board of Directors of The Goldman Sachs Group, Inc. (NYSE: GS) today announced the nomination of H. Lee Scott, Jr. for election as an independent director of the firm at the 2010 Annual Meeting of Shareholders. If Mr. Scott is elected, the Goldman Sachs Board will consist of 11 directors, nine of whom will be independent directors. Mr. Scott will also serve on the Audit, Compensation and Corporate Governance and Nominating Committees upon election.
“Lee’s global business experience and leadership at one of the world’s foremost companies will be of enormous benefit to Goldman Sachs,” said Lloyd C. Blankfein, Chairman and CEO of The Goldman Sachs Group, Inc. “He was early in recognizing the important role China and the growth markets would play in the global economy, and he championed a number of innovative corporate initiatives, including bold environmental and sustainability goals at Walmart. His experience on a broad range of issues will be very valuable to the Board, our shareholders and our people, and I would like to thank him for his willingness to serve.”
Mr. Scott is Chairman of the Executive Committee of the board of Walmart. From 2000 to 2009, he served as Walmart’s President and Chief Executive Officer. Mr. Scott also served as Walmart’s Vice Chairman and Chief Operating Officer from 1999 to 2000 and as its Executive Vice President and President and CEO, Walmart US from 1998 to 1999. He has held a variety of other positions at Walmart since 1979.
In addition to serving on the board of Walmart, Mr. Scott is on the investment committee of Solamere Capital LLC, a private equity firm. Mr. Scott is also a member of the Advisory Board of the Tsinghua University School of Economics and Management.
The Goldman Sachs Group, Inc. is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.