Co-founder of BlackRock Barbara Novick is set to step down from her role as vice chair.
Novick, who has played a key role in the firm's public policy and stewardship in the years since the Global Financial Crisis, will relinquish her role when a replacement is found, at which point she will remain as a senior adviser, according to the Financial Times.
BlackRock chief executive Larry Fink and president Rob Kapito told employees in an internal memo on Wednesday (26 February) that the firm's public policy and stewardship efforts "are at an inflection point", with much of the post-GFC policy work that Novick spearheaded "largely implemented".
They added: "After 32 years of extraordinary accomplishment at BlackRock, vice-chairman and co-founder Barbara Novick has informed us that she would like to step back from day-to-day management roles."
Novick is known for having played a key role in persuading policymakers that the asset management giant should not be classified as a "systemically important financial institution", a label which could have led to a radical change in the way BlackRock is regulated.
She also oversaw the buildout of BlackRock's stewardship team, to more than 45 people, over the past ten years.