Exclusive: Goldman Sachs CEO to chair Business Council

What they're saying: "At a time of profound change, this Council remains an indispensable forum for the world's leading CEOs to connect, share insights, and collaborate on solutions to our most complex economic challenges," Solomon said in the statement.

Driving the news: Solomon will succeed Target executive chair Brian Cornell, who has led the organization since 2024.

• Cornell said Solomon's global perspective, broad industry knowledge and experience guiding business leaders through complex challenges make him well-suited for the role.
• Solomon will serve a two-year term after being selected by a nominating committee of former chairs. The Council has a maximum of 275 active members.

Zoom out: The Council has previously been chaired by Microsoft's Satya Nadella and Elevance Health's Gail Boudreaux. It was founded in 1933 to advise the Roosevelt administration.

• Unlike the Business Roundtable, the Council does not lobby or take positions on policy issues.
• The Council's executive committee includes Amazon's Jeff Bezos, Microsoft's Satya Nadella, Citadel's Ken Griffin and AMD's Lisa Su.

Of note: Solomon's appointment comes after the Wall Street Journal reported that Goldman's board had discussed plans for him to step down as CEO as soon as late 2027.

• Solomon told analysts on the bank's earnings call on Tuesday that "there is no succession transition or timeline underway at Goldman Sachs."

What to watch: Solomon takes the helm at a time of profound change for corporate America — with businesses grappling with the rise of AI, geopolitical tensions and an uncertain global economy.

• Business Council CEO Marlene Colucci said Solomon's work on AI at Goldman Sachs will be valuable as members navigate technological change.