Robert L. Goldstein
BlackRockAbout Robert L. Goldstein
Robert L. Goldstein, age 51, is BlackRock’s Chief Operating Officer (COO) and a Senior Managing Director. He has served as COO since 2014, after leading BlackRock’s Institutional Client Business from 2012 to 2014; he began his career at BlackRock in 1994 in the Portfolio Analytics Group . In 2024, BlackRock delivered record results: revenue up 14%, operating margin (as adjusted) at 44.5% (+280 bps), adjusted EPS up 15%, and $641B net inflows; Goldstein’s 2024 performance assessment was “Far Exceeds,” with key contributions including ~$1.6B technology services revenue (+8% YoY), 12% ACV growth in Aladdin, and firmwide margin expansion through disciplined expense management .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BlackRock | Analyst, Portfolio Analytics Group | 1994 | Early contributor to Aladdin analytics and risk platform development |
| BlackRock | Head, Institutional Client Business | 2012–2014 | Led global institutional client strategy and growth execution |
| BlackRock | Chief Operating Officer (Senior Managing Director) | 2014–present | Oversees day-to-day global operations, Aladdin, tech platforms; co-chairs Global Operating Committee and PBA Committee driving scale and margin |
External Roles
No external public company directorships or outside roles are disclosed for Goldstein in the proxy’s executive officer section .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $500,000 | $500,000 | $750,000 |
Performance Compensation
Total Incentive Framework
| Component | Weighting | Metrics and targets | 2024 Actuals (firm-level) | Payout determination |
|---|---|---|---|---|
| Financial Performance | 50% | NTM P/E premium; TSR; Diluted EPS (as adjusted); Operating Income (as adjusted); Net New Business; Organic Revenue Growth; Operating Margin (as adjusted); Organic Rev less Controllable Expense Growth | Revenue +14%; Operating Margin (as adjusted) 44.5% (+280 bps); Adjusted EPS +15%; Net inflows $641B | Goldstein “Far Exceeds”; Total Incentive at 119% of 2023 TI outcome |
| Business Strength | 25% | Investment performance, client commitments, whole portfolio advisory | Significant Aladdin wins; >50% of Aladdin sales multi-product; Preqin integration to expand private markets data | Included in “Far Exceeds” assessment |
| Organizational Strength | 25% | Talent pipeline; operating platforms; culture and sustainability | Drove scale and expense discipline across operations | Included in “Far Exceeds” assessment |
2024 Awards (granted Jan 2025)
| Award | Grant mechanics | Amount | Vesting |
|---|---|---|---|
| Annual Cash Bonus | Discretionary cash | $4,023,000 | Paid in cash |
| Deferred Equity Bonus (RSUs) | Value converted at $999.36 (avg high/low on 1/16/2025) | $3,597,000 | One-third annually beginning Jan 31, 2026; dividend equivalents paid at vest |
| BPIP (Performance RSUs) | Base RSUs at $999.36; payout per 2024 BPIP matrix for 2025–2027 performance | $6,150,000 | Vests after 3-year performance period; settlement based on matrix |
BPIP Award Determination Matrix (2024 grants; performance period 2025–2027)
| 3-yr Avg Operating Margin (as adjusted) | ≤0 | 450 | 700 | 850 | ≥1000 (Organic Rev Growth $mm) |
|---|---|---|---|---|---|
| ≥46.5% | 100% | 123% | 133% | 149% | 165% |
| 45.5% | 83% | 112% | 122% | 138% | 154% |
| 44.5% | 67% | 101% | 111% | 127% | 143% |
| 43.5% (Target Level) | 50% | 85% | 100% | 116% | 133% |
| 41.5% | 33% | 68% | 83% | 105% | 122% |
| 39.5% | 17% | 51% | 67% | 92% | 111% |
| ≤37.5% | 0% | 35% | 50% | 75% | 100% |
• Historical reference: 2021 BPIP vested at 43.0% of target (3-year avg Organic Rev Growth $315M; Operating Margin as adjusted 43.0%) .
Equity Ownership & Alignment
Beneficial Ownership (as of March 28, 2025)
| Shares beneficially owned | % of common stock outstanding | Deferred/Restricted units and options | Total (ownership + awards) |
|---|---|---|---|
| 47,622 | <1% (star per proxy) | 60,334 | 107,956 |
• Stock Ownership Guidelines: GEC members must own a target number of shares (outright); until met, retain 50% of net shares from equity vesting; all NEOs exceeded guidelines as of 12/31/2024 .
• Hedging/Pledging: Prohibited for all employees, officers, directors (no margin accounts, no pledging, no hedging transactions) .
Outstanding Equity Awards (12/31/2024)
| Award type | Grant date | Units/Options | Strike | Expiration | Market value at 12/31/2024 |
|---|---|---|---|---|---|
| RSUs (Deferred Equity Bonus) | 1/18/2022 | 1,352 units | — | — | $1,385,949 |
| BPIP (Perf RSUs) | 1/18/2022 | 2,971 units | — | — | $3,045,602 |
| RSUs (Deferred Equity Bonus) | 1/17/2023 | 807 units | — | — | $827,264 |
| BPIP (Perf RSUs) | 1/17/2023 | 8,064 units | — | — | $8,266,487 |
| RSUs (Deferred Equity Bonus) | 1/16/2024 | 3,211 units | — | — | $3,291,628 |
| BPIP (Perf RSUs) | 1/16/2024 | 10,431 units | — | — | $10,692,922 |
| Performance options | 12/4/2017 | 54,190 exercisable | $513.50 | 12/4/2026 | — |
| Performance options | 5/30/2023 | 57,694 unexercisable | $673.58 | 5/30/2032 | — |
• 2017 performance options: 1/3 vested on each of Dec 4, 2022, Dec 4, 2023, Dec 4, 2024; 9-year term; unvested forfeited upon voluntary termination; 90-day post-separation exercise for vested, subject to non-compete; performance conditions achieved .
• 2023 performance options: Vest contingent on stock sustaining ≥130% of $673.58 for 60 consecutive days within 4 years and positive Organic Revenue Growth; tranches vest 25%/25%/50% in May 2027/2028/2029 if hurdles met; forfeiture rules under various termination scenarios; 9-year term .
2024 Exercises and Vesting
| Event | Shares | Value realized ($) |
|---|---|---|
| Options exercised (2017 grant) | 54,000 | $28,756,619 |
| RSUs vested | 8,498 | $6,643,142 |
Employment Terms
• No individual employment, severance or change-in-control agreements for NEOs; severance eligibility via Company Severance Plan (lump sum, amounts scenario-dependent) .
• RSUs (Deferred Equity Bonus): Involuntary termination without cause → continue to vest per schedule; any unvested on one-year anniversary becomes fully vested (subject to non-compete); if termination within one year post-change-in-control, vest at termination; voluntary resignation/for cause → forfeit .
• BPIP (Perf RSUs): Involuntary termination without cause → remain eligible to vest based on performance; termination within 12 months post-change-in-control → fully vest at target; voluntary/for cause → forfeit .
• Options: 2017 award pro-rata vesting plus one-year service credit upon involuntary termination without cause; 90-day exercise window for vested upon qualified retirement; specific forfeiture/eligibility rules across scenarios; 2023 options forfeited if terminated within 2 years of grant; forfeited upon termination without cause within 12 months following change-in-control .
• Change-in-Control: No automatic single-trigger vesting; awards not assumed by acquirer become fully vested (performance awards at target) .
• Clawbacks: Dodd-Frank compliant clawback for accounting restatements; supplemental recoupment policy for significant restatements due to employee actions; forfeiture upon restrictive covenant breaches .
• Hedging/Pledging: Strict prohibitions on margin accounts, pledging, hedging company stock .
• Perquisites: Financial planning available to NEOs; “All Other Compensation” for Goldstein was $67,270 in 2024; no tax gross-ups; tax reimbursements not provided .
• Deferred Compensation: VDCP participation; 2024 activity included $119,430 aggregate earnings and $664,006 withdrawals; year-end balance $939,205 .
Investment Implications
• Strong alignment and at-risk pay: Majority of Goldstein’s compensation is performance-based (cash bonus, deferred RSUs, BPIP), with BPIP rigor tied to multi-year Organic Revenue Growth and Operating Margin; 2021 BPIP paid 43% of target, evidencing downside risk if targets are missed .
• Retention risk mitigants: Significant unvested RSUs and performance options, plus strict non-compete forfeiture provisions and clawbacks, reduce voluntary departure incentives; 2023 performance options create high hurdle alignment with stock performance and organic growth .
• Selling pressure watch: 2024 saw sizable option exercises ($28.8M realized); monitor future Form 4 activity and the 2023 option hurdle status for potential supply overhang into 2027–2029 tranches .
• Governance and risk controls: No single-trigger CIC; no hedging/pledging; ownership guidelines exceeded—positive for shareholder alignment and risk management .
• Execution track record: Goldstein’s oversight of Aladdin and operations contributed to tech revenue growth and margin expansion; continued delivery on these levers is key to sustaining fee growth and operating leverage .