Goldman Sachs Exec to Lead L.A.’s Olympic EffortFriday, November 13, 2015
Gene Sykes, Goldman Sachs’ Co-Chairman of Global Mergers & Acquisitions, will lead L.A.’s bid to host the Olympics Games.
The Los Angeles 2024 Candidature Committee on Thursday said Sykes would work closely with Mayor Eric Garcetti, LA 2024 Chairman Casey Wasserman and the United States Olympic Committee to supervise LA 2024’s day-to-day activities.
“Gene has built a distinguished career advising the world’s greatest companies and nonprofit organizations and I’m confident he is the ideal executive to be trusted with the day-to-day responsibility of our city’s bid,” Garcetti said in a statement.
Hosting the Olympics is a multi-billion-dollar endeavor that involves many deals. As one of Goldman’s Sachs key negotiators, Sykes has played in a pivotal role in helping the investment bank finish first in deal volume, most recently leading a team that advised DirecTV on a $66 billion acquisition of AT&T Inc.
In 2014, Goldman Sachs advised on 373 deals worth $892 billion, Bloomberg reported.
“Gene is a strong leader and we've always valued his advice at Apple,” said Tim Cook, Apple's CEO, in a statement. “Gene is passionate about L.A.’s bid for the 2024 Olympic and Paralympic Games, and we are thrilled that he's the one leading this effort.”
Sykes remains an employee of Goldman Sachs, but has stepped down from his leadership positions. While at LA 2024, he will not participate in Goldman Sachs’ day-to-day operations.
His work with LA 2024 will be unpaid.