The president of Goldman Sachs's Asia operations resigned – the firm's third change in the region's top management in three years – and will be replaced by a New York-based investment banker with no experience in Asia.

David Ryan, the 43-year-old president of Goldman Sachs in Asia, excluding Japan, will be replaced by Ken Hitchner, a longtime Goldman Sachs investment banker who built his reputation doing deals for US healthcare companies. This will be Hitchner's first Asia posting.