Asset manager BlackRock's senior executive Mark Wiedman, who was touted to be a potential successor to CEO Larry Fink, is departing the firm, said two sources familiar with the matter.

Wiedman, head of the global client business, was instrumental in driving BlackRock's growth in passive investing.

Mark Wiedman, head of BlackRock's (NYSE:BLK) global client business and potential successor to CEO Larry Fink, is leaving the asset manager after two decades to pursue other opportunities, according to a media report dated Tuesday.

Mark Wiedman was most recently head of BlackRock’s global client business

BlackRock is making key leadership changes and combining some teams internally, according to a memo to employees from CEO Larry Fink and President Rob Kapito. The changes follow several major private market-linked acquisitions at BlackRock in the past year: Global Infrastructure Partners,

Mark Wiedman, one of BlackRock’s most senior executives and a potential successor to CEO Larry Fink, is leaving the world’s largest asset manager in a shuffle of its top ranks of leadership.

BlackRock Inc. is elevating several senior executives to expand its business in the Americas and with key institutional clients, following the announced departure of Mark Wiedman, once seen as a potential successor to Chief Executive Officer Larry Fink.

A potential successor to BlackRock CEO Larry Fink is reportedly leaving the firm, narrowing the list of contenders to become the next boss of the world's largest money manager.