Goldman Sachs announced that Isabelle Ealet and Pablo Salame are out as Global Co-Heads of the Securities Division, while Ashok Vardhan will now serve as the unit’s sole chief. The Securities Division suffered one of its worst years on record in 2017 and Goldman has been making wholesale changes since – highlighted by the selection of David Solomon as CEO Lloyd Blankfein’s heir apparent.

Upon their departure in June, after 20-plus year careers at Goldman Sachs, Ms. Ealet and Mr. Salame will become senior directors. Senior directors advise the firm on matters related to their areas of expertise and aren’t employees.

ASHOK VARADHAN is Global Co-Head of the Securities Division. He is a member of the Management Committee and Firmwide Risk Committee. He joined Goldman Sachs in 1998 in Swaps Trading. Prior to assuming his current role in 2014, he held various leadership positions in Rates, Currencies, Emerging Markets and Commodities before ultimately becoming Global Head of Macro Trading in 2012. He was named managing director in 2000 and partner in 2002.

Mr. Varadhan serves on the Board of Directors of DUMAC, which manages Duke University’s endowment. He also serves on the Board of Directors of Harlem Children's Zone.

ISABELLE EALET is Global Co-Head of the Securities Division. She’s is a member of the Management Committee, European Management Committee, Firmwide Risk Committee and EMEA Conduct Risk Committee, as well as Co-Chair of Securities Division ExecComm and Chair of EMEA Securities Division OpComm. Ms. Ealet also serves as an Executive Director on the Goldman Sachs International Board. Prior to assuming her current responsibilities, she was Global Head of Commodities. She joined Goldman Sachs as a Commodities Trader in 1991 from Total Petroleum and was named Managing Director in 1997 and Partner in 2000.

Ms. Ealet is an advisor (Conseiller au Commerce Extérieur) for the French Embassy in the United Kingdom. In 2015, she was granted the insignia of Chevalier in the Ordre National de la Légion d'Honneur.

PABLO SALAME is a Vice Chairman of The Goldman Sachs Group, Inc. and Global Co-Head of the Securities Division. He is a member of the Management Committee, Co-Chair of the Partnership Committee and Co-Chair of the Firmwide Investment Policy Committee. He joined Goldman Sachs in 1996 and became Co-Head of the Global Emerging Markets Debt Group in 2000. In 2002, he moved to London, where he held leadership positions in Global Credit and European Equities. He assumed his current role in 2008 and returned to New York in 2011. He was named Managing Director in 1999 and Partner in 2000. Prior to joining the firm, Mr. Salame worked for Citibank in their New York and Ecuador offices.

Mr. Salame serves on the Board of Trustees of Brown University and is a member of the external advisory board of the Brown Institute for Brain Science. He is also a member of the Board of Directors of New York City Center and the Advisory Board of the Billie Jean King Leadership Initiative.