Former Walmart president and CEO Lee Scott will step down from the board of Goldman Sachs after serving just one year, according to a report late Thursday by the Financial Times. The publication indicated that a person familiar with the situation said service on the Goldman board demanded significantly more time than Scott had anticipated. Not long after joining the financial institution at a time when its reputation was sullied, Scott was tapped to serve on a committee that conducted an eight-month review process and then issued a report with 39 recommendations on how Goldman could reform its business practices.
“Lee made an important contribution to our board and the firm during a challenging period,” Lloyd Blankfein, Goldman’s chief executive, said in a statement. “I am particularly grateful for the enormous time and effort he committed to the board’s efforts related to the business standards committee.”