BlackRock reorganizes top management

BlackRock (BLK) is giving new roles to at least 10 senior managers as it looks to prepare a successor to co-founder and CEO Laurence Fink.

The money manager has promoted COO Charles Hallac to be Co-President with Robert Kapito, and given him the job of developing strategy and potential leaders.

Rob Goldstein, the head of the company's institutional client business and the BlackRock Solutions advisory unit, will replace Hallac as COO.

Hallac becomes Co-President even though he is being treated for colon cancer.

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