The Wall Street Journal, which said it had “reviewed” the memo (does this mean leaked by Goldman’s PR dept?) covered the change in a straightforward fashion, emphasizing that Frost was leaving to focus on “education arts and philanthropic endeavors”.
The NY Times took a markedly different perspective claiming Frost’s departure follows a “recent misstep…when he was a no show at an important client meeting” and differences over his leadership style. Significantly there was no mention of the internal memo.
The PR Verdict: “B Plus” for Goldman PR. Even the best-laid PR plans can misfire.
Insiders in any company, with an axe to grind, are happy to stymie PR plans by giving unauthorized background comment. A couple of words from Edward Frost himself might have mitigated the NY Times coverage and reinforced the memo’s official version.