- Barbara Novick, the face of BlackRock's (NYSE:BLK) public-policy efforts, is stepping down, the Wall Street Journal reports, citing an internal memo.
- A co-founder of the firm and its vice chairman, Novick built a lobbying organization that let the money manager avoid the regulatory restrictions that big banks faced and fueled the firm's growth to amass $7.4T in assets under management.
- She also supervised the company's oversight over public companies.
- Novick will scale back her day-to-day responsibilities, help pick her successors, and transition to a senior adviser capacity.