One of the keys to BlackRock’s success – past and future – is developing people and embedding our culture. For the past five years, together with the Board, we have pursued a deliberate effort to build a deep bench of executive talent by mapping leaders to roles that present them with new challenges, broaden their horizons and maximize their impact with the firm and our clients. Periodically moving leaders to new roles as part of this process was a key rationale for the re-organization of the firm in 2012 and is a key driver of the management changes we are announcing today.