The firm announced the sudden departure of its global human resources group head in a memo. He was also part of its global executive committee and global operating committee.
The global human resources head of BlackRock, Jeff Smith, will be leaving after a decade at the firm because he failed to follow company policy, the world's largest fund manager said in a memo to employees on Wednesday, Reuters reported.
Details surrounding the behavior that led to Smith's sudden departure are as yet unclear, but in a memo signed by CEO Larry Fink and president Rob Kapito, BlackRock said «We expect every employee of BlackRock, especially our most senior leaders, to uphold the highest standards of conduct.»
In the meantime, the firm has appointed vice chairman Rob Fairbairn, a 25-year veteran of the firm, as interim head of its human resources group.
