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Goldman denies board rift
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October 28, 1998: 5:58 a.m. ET
Report that chairman Corzine will be replaced by Laura Ashley chief is "idiocy"
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LONDON (CNNfn) - Goldman Sachs hotly denied a report Wednesday that it is lining up John Thornton, chairman of the bank's Asian subsidiary, as its next executive chairman.
Thornton, a Briton who also chairs floral fashion retailer Laura Ashley, was opposed to Goldman's recently-abandoned IPO and clashed repeatedly with executive chairman John Corzine during its planning, according to London newspaper The Times.
Thornton, the paper says, had to be persuaded by Corzine to back the $25 billion flotation, despite being a member of the six-man committee that steered it.
Other partners who were also opposed to the move to abandon the bank's partnership status have been calling for Corzine's resignation, the paper says.
Hank Paulson, who became co-executive chairman this summer, could also be on his way out, according to The Times. The paper identified his likely replacement as John Thain, currently Goldman's finance director.
A London spokeswoman for Goldman Sachs said, "The whole story is complete idiocy and wrong."
Earlier this week the bank dismissed a report that it was heading for a $1 billion loss in the fourth quarter.
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Goldman Sachs
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