Lehman Brothers has shifted its chief administrative officer into a newly created position on the executive committee and will divide up his former duties between two roles.
Dave Goldfarb was Lehman's chief administrative officer for the past two years, and has worked at the bank since 1993. He will now become the global head of strategic partnerships and a principal for investing and risk.
His new role will include overseeing the bank's principal investments, mergers and acquisitions, strategic joint ventures, capital deployment, risk management and building global relations.
Scott Freidheim and Ian Lowitt will take on his responsibilities as co-chief administrative officers.
Richard Fuld, chairman and chief executive, said: "We are now positioned to accelerate this growth through acquisitions, joint ventures and principal opportunities. Dave's experience and responsibilities at the firm make him ideally suited for this new role and will also enable us to maintain the very best risk management practices."
Freidheim will continue in his roles as chief of staff in the office of the chairman and chief executive and global head of strategy, corporate communications and brand strategy. Freidheim will also take responsibility for global oversight of business development, corporate advisory, and human resources.
Lowitt was the bank's chief administrative officer for Europe. He will also take on responsibility for global oversight of corporate real estate, finance, investor relations, operations, productivity and process improvement and technology.
Both Freidheim and Lowitt will take a seat on the management committee of Lehman Brothers.