Due Diligence

“Generally speaking people hate change. It’s human nature. But change is super important. It’s inevitable. In fact, on my desk in my office I have a little plaque that says ‘Change or die.’ As a business leader, one of the perspectives you have to have is that you’ve got to constantly evolve and change.” – David Solomon – Goldman Sachs CEO

The quoted insight comes from David M. Solomon, Chief Executive Officer and Chairman of Goldman Sachs, a role he has held since 2018. It was delivered during a high-profile interview at The Economic Club of Washington, D.C., 30 October 2025, as Solomon reflected on the necessity of adaptability both personally and as a leader within a globally significant financial institution.

His statement is emblematic of the strategic philosophy that has defined Solomon’s executive tenure. He uses the ‘Change or die’ principle to highlight the existential imperative for renewal in business, particularly in the context of technological transformation, competitive dynamics, and economic disruption.

Solomon’s leadership at Goldman Sachs has been characterised by deliberate modernisation. He has overseen the integration of advanced technology, notably in artificial intelligence and fintech, implemented culture and process reforms, adapted workforce practices, and expanded strategic initiatives in sustainable finance. His approach blends operational rigour with entrepreneurial responsiveness – a mindset shaped both by his formative years in high-yield credit markets at Drexel Burnham and Bear Stearns, and by his rise through leadership roles at Goldman Sachs.

His remark on change was prompted by questions of business resilience and the need for constant adaptation amidst macroeconomic uncertainty, regulatory flux, and the competitive imperatives of Wall Street. For Solomon, resisting change is an instinct, but enabling it is a necessity for long-term health and relevance — especially for institutions in rapidly converging markets.

About David M. Solomon

• Born 1962, Hartsdale, New York.
• Hamilton College graduate (BA Political Science).
• Early career: Irving Trust, Drexel Burnham, Bear Stearns.
• Joined Goldman Sachs as a partner in 1999, advancing through financing and investment banking leadership.
• CEO from October 2018, Chairman from January 2019.
• Known for a modernisation agenda, openness to innovation and talent, commitment to client service and culture reform.
• Outside finance: Philanthropy, board service, and a second career as electronic dance music DJ “DJ D-Sol”, underscoring a multifaceted approach to leadership and personal renewal.

Theoretical Backstory: Leading Thinkers on Change and Organisational Adaptation

Solomon’s philosophy echoes decades of foundational theory in business strategy and organisational behaviour:

Charles Darwin (1809–1882)
While not a business theorist, Darwin’s principle of “survival of the fittest” is often cited in strategic literature to emphasise the adaptive imperative — those best equipped to change, survive.

Peter Drucker (1909–2005)
Drucker, regarded as the father of modern management, wrote extensively on innovation, entrepreneurial management and the need for “planned abandonment.” He argued, “The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic.” Drucker’s legacy forms a pillar of contemporary change management, advising leaders not only to anticipate change but to institutionalise it.

John Kotter (b. 1947)
Kotter’s model for Leading Change remains a classic in change management. His eight-step framework starts with establishing a sense of urgency and is grounded in the idea that successful transformation is both necessary and achievable only with decisive leadership, clear vision, and broad engagement. Kotter demonstrated that people’s resistance to change is natural, but can be overcome through structured actions and emotionally resonant leadership.

Clayton Christensen (1952-2020)
Christensen’s work on disruptive innovation clarified how incumbents often fail by ignoring, dismissing, or underinvesting in change — even when it is inevitable. His concept of the “Innovator’s Dilemma” remains seminal, showing that leaders must embrace change not as an abstract imperative but as a strategic necessity, lest they be replaced or rendered obsolete.

Rosabeth Moss Kanter
Kanter’s work focuses on the human dynamics of change, the importance of culture, empowerment, and the “innovation habit” in organisations. She holds that the secret to business success is “constant, relentless innovation” and that resistance to change is deeply psychological, calling for leaders to engineer positive environments for innovation.

Integration: The Leadership Challenge

Solomon’s ethos channels these frameworks into practical executive guidance. For business leaders, particularly in financial services and Fortune 500 firms, the lesson is clear: inertia is lethal; organisational health depends on reimagining processes, culture, and client engagement for tomorrow’s challenges. The psychological aversion to change must be managed actively at all levels — from the boardroom to the front line.

In summary, the context of Solomon’s quote reflects not only a personal credo but also the consensus of generations of theoretical and practical leadership: only those prepared to “change or die” can expect to thrive and endure in an era defined by speed, disruption, and relentless unpredictability.