Small, who joined BlackRock’s legal and compliance team in 2006, will succeed the company’s current CFO Gary Shedlin next year.
He is currently serving as the head of the company’s US Wealth Advisory business.
Small assumed the current role at the company four years back. Earlier, he was the head of BlackRock’s iShares business in the US and Canada. He also led BlackRock’s Financial Markets Advisory arm.
To ensure a smooth transition, Shedlin will transfer his responsibilities to Small once the company ends its financial reporting processes for this year.
BlackRock plans to complete the reporting by March next year.
Following the transition of roles, Shedlin will assume his new position of vice chairman and will work with the firm’s major strategic clients.
Shedlin has been associated with BlackRock since 2013 after serving as an outside strategic advisor to the firm.
BlackRock chairman and CEO Laurence Fink said: “Gary has been involved with – and a friend of – BlackRock for many years: first as our outside financial advisor and for the past decade as our CFO.
“As an investment banker, he played a key role in our most transformational transactions. And as CFO, Gary has helped lead BlackRock through a crucial decade of the firm’s history.”
Fink added: “As Martin steps into this new role as CFO, BlackRock and our shareholders will benefit from his broad understanding of the firm, sharp intellect and years of experience working with our clients in charting the path forward.”