Goldman, Sachs & Co. co-chairman Jon S. Corzine announced he would resign after the firm's initial public offering, which the firm's partners approved Monday.

Mr. Corzine's departure will leave Henry M. Paulson, Jr. as the firm's chairman and chief executive, a post he already holds. Mr. Paulson will be joined by four Goldman executives on a new board of directors after the offering.

The board will include Robert J. Hurst, John A. Thain, John L. Thornton, John L. Weinberg and three unnamed directors from outside the firm, Goldman said.

The 130-year-old partnership will register for the IPO with the Securities and Exchange Commission on March 16. The firm expects to offer about a 10% to 15% stake in the firm to shareholders this spring.

The deal is expected to raise between $2.1 billion and $3.6 billion, and put Goldman's value at between $21 billion and $24 billion. Last fall, market experts said Goldman might command a valuation as high as $30 billion.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.