BlackRock executive Mark Wiedman, who was considered a potential successor to CEO Larry Fink, is departing the company.

A source close to the matter confirms that Mark Wiedman, a senior executive who has been with the asset manager for over 20 years, is departing from his position.

Larry Fink, the CEO of the company, was thought to have Wiedman as a possible successor for the global client business position.

BlackRock's growth in passive investing was driven by Wiedman, who led the exchange-traded and index strategies from 2011 to 2019, resulting in an increase in assets under management from $500 billion to $1.7 trillion.

In 2004, BlackRock hired Wiedman to manage the company's emergency aid to governments and financial institutions during the financial crisis.

BlackRock, the world's largest asset manager, recorded a record AUM of $11.5 trillion in the fourth quarter. The firm made two significant acquisitions in 2019 to expand in private credit and alternatives. In December, BlackRock agreed to buy HPS Investment Partners for $12 billion in stock, aiming to increase its presence in the popular private credit market. Additionally, the financial firm acquired Global Infrastructure Partners, an infrastructure investor, for $12.5 billion in 2019.