According to reports, the board of directors of Goldman Sachs (GS.US) has discussed a plan under which 57-year-old President and Chief Operating Officer John Waldron would succeed David Solomon as Chief Executive Officer as early as next year.

The report, citing people familiar with the matter, said the change could occur in late 2027 or 2028.

Under the plan, 64-year-old Solomon, after stepping down as CEO, would most likely serve as executive chairman for one to two years to ensure a smooth transition.

The plan still requires board approval, which could come within the next few months, though the timeline could change.

The report noted that a Goldman Sachs spokesperson responded that the board regularly discusses succession matters, but the company has no clear succession timetable, and claims about timing are pure speculation.

The report, citing people familiar with the matter, said Goldman Sachs executives had originally expected Solomon to serve a full decade as CEO, meaning he would stay until 2028. If the plan is implemented, the handover could come earlier than expected.

Solomon succeeded Lloyd Blankfein as CEO on October 1, 2018.

Waldron has served as Goldman Sachs' president and chief operating officer since 2018 and has long been seen as the top candidate to succeed him.