Goldman Sachs is to replace CIO Steven Scopellite just weeks after the bank suffered a high profile software glitch.
Scopellite, who had been at the investment bank group for 28 years, will retire at the end of the year, according to an internal memo seen by Reuters last week. He had joined the firm as a software engineer, before eventually taking over as the company's CIO in 2007.
He will be replaced by Marty Chavez, currently serving as co-COO of the firm's equities business. Chavez was responsible for developing an internal software platform known as Marquee in the 1990s. As well as taking charge of the bank's technology, Chavez will be in charge of the technology-driven quantitative analysts' group, where he previously worked at the firm.
In a separate memo, the bank said it would promote two other employees, Don Duet and Paul Walker, to joint heads of technology.
According to the FT, Chavez was one of the senior bank executives involved in working to resolve the outage which struck Goldman's computer systems in August, when a problem computer system glitch related to faulty code caused a wave of erroneous orders to be made.
The error cost the bank tens of millions of dollars and led to four executives being placed on administrative leave.
The change of CIO is one of a number of recent moves seen at the large financial firms. In January Nasdaq OMX, which has had its own tech related problems both this year and the last, announced that it would appoint Bradley Peterson as CIO in place of Anna Ewing, who moved to a role as head of the newly created Global Technology Solutions division.
JP Morgan Chase is currently looking for a permanent CIO following the departure of Guy Chiarello, who left for payments processing firm First Data in July.