The investment bank said Blankfein is expected to step down from his role as CEO on Sept. 30 and from the board of directors by the end of the year. After his retirement, he will hold the title senior chairman.
"I want to express my deep appreciation for the opportunity to work with and benefit from so many talented and dedicated colleagues," Blankfein said. "My job has also allowed me to engage with many of the most impressive business leaders around the world and I thank them for allowing me to help support their goals and priorities.
Blankfein has held his posts since 2006, when he replaced outgoing CEO Henry M. Paulson Jr., who became treasury secretary. Goldman Sachs didn't give a reason for Blankfein's departure, though it comes nearly three years after he revealed doctors diagnosed him with what he described as a "highly curable" form of lymphoma.
Solomon, who began working for Goldman Sachs in 1999, will join the board Oct. 1.