Goldman Sachs Group Inc. President John Waldron is joining the bank’s board of directors, in a rare move that elevates a banker who isn’t in the chief executive role.

Goldman Sachs added its president and chief operating officer John Waldron to the board, the Wall Street bank said in a regulatory filing on Wednesday. The appointment comes a month after Waldron was given a retention bonus of $80 million in restricted stock.

It’s atypical but not unprecedented for an executive other than the CEO to serve on the board. The move also may cement John Waldron, the bank’s president, as a possible successor to David Solomon.