SARATAOGA SPRINGS — Timothy O’Hara will step down as president and CEO of Ayco but remain a strategic adviser to the financial services firm.
The company, a subsidiary of Goldman Sachs, announced the move Thursday. Larry Restieri, a Goldman Sachs partner who has had oversight of Ayco for the past year, will take over as president and CEO.
O’Hara joined Ayco in 1995 as an intern in what is now its Family Office business. He was promoted to senior vice president in 2002 and executive vice president in 2008, with oversight of the company’s investment, insurance and finance businesses. In 2013, he was named CEO.
He holds a bachelor’s degree from Le Moyne College and a juris doctor from Albany Law School. He is a certified public accountant and worked for KPMG prior to attending law school.
Goldman Sachs credited O’Hara with creating growth at Saratoga Springs-based Ayco and putting it on a trajectory for further growth; it is currently planning to build a new corporate headquarters in Latham and add 160 employees to its roughly 780-strong workforce.
In a news release, Goldman Sachs noted O’Hara had:
- Spread the company’s presence nationwide with six new satellite offices nationwide in three years;
- Drove the effort to offer counseling to midlevel executives;
- Presided over the 2013 launch of Ayco Gives, an employee-initiated charitable organization;
- Oversaw the 2014 launch of the Ayco Diversity Network to strengthen relationships with diverse communities and with its corporate clients.
Restieri, a graduate of Harvard University and Fordham University School of Law, joined the company in 2000 and was named managing director in 2006 and partner in 2016.
Along with Ayco, he has responsibility for the Honest Dollar Business, a web and mobile-based retirement savings platform that serves employees of small businesses, self-employed individuals and independent contractors. Previously, he was chief operating officer for the Goldman Sachs Asset Management US Third Party Distribution business.
Before joining Goldman Sachs, Restieri was an attorney with Finn Dixon & Herling LLP in Stamford, Connecticut, and Simpson Thacher & Bartlett.