“BlackRock Inc vice chairman and co-founder Barbara Novick will step down from her day-to-day duties at the asset manager, according to an internal memo seen by Reuters on Wednesday.
Novick, 59, will continue in her current role until her successor is chosen, after which, she will serve as a senior adviser to the company, according to the memo.
She will also assist in conducting internal and external searches to find her successor.
“Much of the post-financial crisis policy work that Barbara led is largely implemented, and she has greatly enhanced our stewardship practices, including our commitment to transparency”, Chief Executive Officer Larry Fink said in the memo.
According to Ukraine investigators, two American companies have been implicated in a money-laundering scheme to help former Ukraine President Viktor Yanukovych ship millions out of Ukraine. Interfax-Ukraine reports the two companies are Franklin Templeton Investments and BlackRock.