Home Hedge Funds Goldman Sachs promotes Carey Halio to replace Phil Berlinski, who’s leaving to...

Goldman Sachs promotes Carey Halio to replace Phil Berlinski, who’s leaving to join a $63 billion hedge fund

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Just weeks after losing one of its most powerful female executives, Goldman Sachs has promoted another woman to a top position: Carey Halio, who’s spent more than two decades at the firm, will be taking over as global treasurer.

Halio, who will also join the bank’s management committee, has worked at Goldman since 2000, starting out in credit risk. She was named a partner in 2016 and most recently served as chief strategy officer and global head of investor relations. As global treasurer, she’ll work with Goldman’s divisions to manage the firm’s $1.6 trillion balance sheet, as well as its liquidity and capital. Halio’s move is effective June 1, and she will report to CFO Denis Coleman.

“As a tenured leader of the firm, with experience working in several of our divisions and partnering with leaders across the organization to drive our strategic priorities forward, Carey will bring important expertise and perspectives to her new role,” CEO David Solomon wrote in a memo viewed by Fortune.

Halio is replacing Philip Berlinski, who’s leaving Goldman after more than 25 years, according to another memo. He began at the firm as an analyst in equity derivatives research in 1998, becoming a partner in 2008. He was most recently global treasurer and chief executive officer of Goldman Sachs Bank USA.

Berlinski is set to join Millennium Management, a $63 billion hedge fund, later this year as co-COO, a person familiar with the situation told Fortune. He will report to Ajay Nagpal, Millennium’s president and COO.

Halio’s promotion comes as Goldman has been scrutinized lately for its lack of women among the firm’s senior ranks. When Solomon became CEO in late 2018, he claimed that promoting women into senior leadership was a priority, Bloomberg reported. But a Wall Street Journal report found that roughly two-thirds of the women who were Goldman partners at the end of 2018 have either left the firm or no longer have the title.

Stephanie Cohen, once one of the most powerful women at Goldman, left last month and is currently chief strategy officer at the IT company Cloudflare. There’s also Beth Hammack, co-head of the global financing group, who’s retiring after more than 30 years at the bank.

Berlinski, Cohen, and Hammack are the latest prominent executives to depart. Jim Esposito, co-head of banking and markets, is leaving Goldman after nearly 30 years, while Julian Salisbury, a long-time executive and most recently CIO of asset and wealth management, joined Sixth Street Partners as a partner and co-CIO.

Goldman, which is slated to announce its first-quarter results on Monday, also has tapped Jehan Ilahi to take over as head of investor relations, according to a third memo. Jehan currently leads Goldman’s equity investor relations efforts, which includes managing the firm’s relationships with institutional equity investors and sell-side analysts.

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