Goldman Sachs Reports Director Changes and Officer Appointments

TL;DR

GS board shakeup: new directors elected, officers appointed, and exec comp details filed.

AI Summary

On June 24, 2024, Goldman Sachs Group Inc. filed an 8-K to report on the departure of a director, the election of new directors, and the appointment of certain officers. The filing also includes information on compensatory arrangements for certain officers and financial statements and exhibits.

Why It Matters

Changes in board composition and executive appointments can signal shifts in company strategy or governance, impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — This filing primarily concerns routine corporate governance and executive changes, with no immediate financial risks indicated.

Key Players & Entities

• GOLDMAN SACHS GROUP INC (company) — Filer
• 200 WEST STREET (location) — Business Address
• NEW YORK (location) — Business Address City
• 10282 (location) — Business Address Zip

FAQ

Key Financial Figures

• $330 million — d as an underwriter in an approximately $330 million public common stock offering for Hess M
• $167 million — shareholder and received approximately $167 million of the proceeds of the offering. Gold
• $3.25 billion — ring. Goldman Sachs participates in a $3.25 billion revolving credit facility for Hess Corp
• $265 million — s agreed to lend Hess Corporation up to $265 million at an interest rate of SOFR + 1.4% (whi
• $1.4 billion — y. Goldman Sachs also participates in $1.4 billion of senior secured credit facilities for
• $1 billion — ies for Hess Midstream, consisting of a $1 billion five-year revolving credit facility and
• $400 million — ve-year revolving credit facility and a $400 million five-year Term Loan A facility (term lo
• $89 million — has agreed to lend Hess Midstream up to $89 million at an interest rate of SOFR + 1.375% to
• $30 million — g in an aggregate loan of approximately $30 million from Goldman Sachs; Goldman Sachs curre

Filing Documents

• d860449d8k.htm (8-K) — 42KB
• d860449dex991.htm (EX-99.1) — 5KB
• 0001193125-24-166956.txt ( ) — 248KB
• gs-20240624.xsd (EX-101.SCH) — 6KB
• gs-20240624_def.xml (EX-101.DEF) — 16KB
• gs-20240624_lab.xml (EX-101.LAB) — 28KB
• gs-20240624_pre.xml (EX-101.PRE) — 17KB
• d860449d8k_htm.xml (XML) — 14KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 24, 2024 Commission File Number: 001-14965 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-4019460 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 200 West Street , New York , N.Y. 10282 (Address of principal executive offices) (Zip Code) (212) 902-1000 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Exchange on which registered Common stock, par value $.01 per share GS NYSE Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A GS PrA NYSE Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C GS PrC NYSE Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D GS PrD NYSE 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II GS/43PE NYSE Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III GS/43PF NYSE Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp. GS/31B NYSE Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp. GS/31X NYSE Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (d) Effective June 24, 2024, The Goldman Sachs Group, Inc. (the Registrant) appointed John B. Hess as an independent member of the Registrant's Board of Directors. Mr. Hess has also been appointed to each of the Registrant's Compensation, Corporate Governance and Nominating, and Risk Committees. Mr. Hess is the Chief Executive Officer (CEO) of Hess Corporation and the Chairman and CEO of Hess Midstream LP. Affiliates of the Registrant (referred to collectively as Goldman Sachs) from time to time provide ordinary course financial advisory, lending, investment banking and other financial services to Hess Corporation and Hess Midstream, which transactions are conducted, and any services are provided, on an arm's length basis. During 2023, Goldman Sachs served as financial advisor to Hess Corporation in connection with the announced sale of Hess Corporation to Chevron. In May 2023, Goldman Sachs acted as an underwriter in an approximately $330 million public common stock offering for Hess Midstream in which an affiliate of Hess Corporation was a selling shareholder and received approximately $167 million of the proceeds of the offering. Goldman Sachs participates in a $3.25 billion revolving credit facility for Hess Corporation. Under this facility, Goldman Sachs has agreed to lend Hess Corporation up to $265 million at an interest rate of SOFR + 1.4% (which rate may vary depending on Hess Corporation's credit ratings). Goldman Sachs currently has no loan outstanding under the facility. Goldman Sachs also participates in $1.4 billion of senior secured credit facilities for Hess Midstream, consisting of a $1 billion five-year revolving credit facility and a $400 million five-year Term Loan A facility (term loan). Under these facilities, Goldman Sachs has agreed to lend Hess Midstream up to $89 million at an interest rate of SOFR + 1.375% to 2.05% and SOFR + 1.65% to 2.55% for the revolving credit facility and term loan, respectively (wi

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View this 8-K filing on SEC EDGAR