The issue of whether the Goldman Sachs (NYSE: GS) board should split the CEO and Chairman jobs has reared its head again. This is a perennial issue made new by the financial crisis. Most corporate governance advocates would say this is a no-brainer; the board should make the move, following so many other banks and big companies. But from a more practical point of view, there are benefits as well.

Breakingviews suggests the right chairman would be able to complement CEO Lloyd Blankfein in areas where he's out of his element, such as public relations, shareholder relations and government relations. The chairman should be someone with "gravitas," a bit of "grey hair," someone like Gerald Corrigan, according to Breakingviews.

It seems to be a call for someone to play at Goldman Sachs the role that Robert Rubin played at Citigroup for a while. But this is not likely to happen until Blankfein himself decides to move on. At that point, perhaps he becomes a separate chairman.

What's interesting is how the discussion about Lloyd Blankfein has changed. Many were convinced a year ago that he would be ousted, to provide a fresh start at Goldman. But that talk has died down, despite lots of regulatory and other bad news. He has proven himself a survivor and will be able to transition on his terms, it appears. 

For more:
- here's a New York Times interview with Breakingviews

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