Goldman Sachs has appointed John Waldron, the company’s president and chief operating officer, to its board of directors. This decision comes shortly after he received a retention bonus, consolidating his potential to succeed CEO David Solomon.

At 55 years old, Waldron joins the 63-year-old Solomon as the only second member of the management committee to serve on the board.

“This move indicates a more structured approach to succession planning is beginning,” noted Stephen Biggar, a banking analyst at Argus Research.

The bonuses, which vest over a five-year period, were awarded to both Solomon and Waldron in order to retain key executives, as confirmed by Goldman’s board last month.

Waldron, who assumed his role as president and chief operating officer in October 2018, is responsible for overseeing the leaders of the bank’s three primary divisions. He previously held the position of co-head of investment banking, a role he took on in 2014 after joining Goldman in 2000.

Former Goldman president Gary Cohn also served as a board director alongside Solomon’s predecessor, Lloyd Blankfein. Cohn departed from Goldman in late 2016 to join President Donald Trump’s administration as an economic adviser and to lead the White House National Economic Council.

Recently, Goldman Sachs also revealed that it has appointed KC McClure, Chief Financial Officer of Accenture, as an independent board director.

In January, Goldman Sachs reported its strongest quarterly profit in over three years, fueled by increased deal fees from its investment bankers and the benefits from active trading markets.