By Lananh Nguyen
NEW YORK (Reuters) -Goldman Sachs' head of global commodities Ed Emerson (NYSE:EMR) will retire in March after more than 24 years at the Wall Street giant, according to a memo seen by Reuters.
He will be succeeded by Xiao Qin and Nitin Jindal, who will jointly lead the firm's storied commodities business, according to a separate memo. A company spokesperson confirmed the contents of the memo.
Revenue from Goldman's commodities business has been significantly lower in the first three quarters of 2023, according to the company's earnings filings. Still, the business has been a bright spot in results in recent years.
Emerson, 47, will become an advisory director to Goldman after he steps down. The executive joined the firm in 1999 as an analyst and climbed the ranks to become managing director in 2008, then partner in 2012.
"He played a critical role in advancing the firm's oil business," wrote Ashok Varadhan, Dan Dees and Jim Esposito, the three leaders of Goldman's global banking and markets division, in a memo. Emerson helped "cement Goldman Sachs (NYSE:GS)' position as a leading franchise in commodities," they added.
He previously ran global oil and refined products trading.
Qin leads commodities trading in Europe, the Middle East, Africa and Asia Pacific. He also runs trading for oil and refined products worldwide.
The executive was promoted to managing director in 2010 and partner in 2016.
Jindal manages commodities trading in the Americas and natural gas and power trading in North America. He joined Goldman as a partner in 2018.