Rumors have been rife in recent days, it is official Friday on the site of the Lazard investment bank: Peter Orszag, one of the senior executives, will take over from Ken Jacobs on October 1 as Chief Executive Officer (CEO ).
Mr. Orszag, who has led Lazard’s financial advisory business since 2019, said in a statement that he was honored and excited to become Lazard’s next CEO.
A graduate of Princeton and the London School of Economics, who served in the administration of Barack Obama, the future CEO also held several key positions at Lazard during his career, such as head of the mergers and acquisitions department in North America.
Peter is the best choice to become the next CEO of Lazard, said Richard D. Parsons, lead director of the bank, also quoted in the press release.
Joining Lazard in 1988, Kenneth M. Jacobs has headed the Franco-American investment bank since November 2009. He will become its new chairman of the board of directors in October.
Last week, the Wall Street Journal echoed rumors to this effect, Lazard then refusing to comment.
The investment bank has been facing headwinds for several months: during the presentation on April 28 of its results for the first quarter of 2023, it announced a net loss of 22 million dollars (around 20 million euros).
Financial advice, its flagship activity, was particularly affected with a turnover down 29% over one year, between January and March.
As a result, Lazard had announced its intention to reduce its workforce by around 10%, or some 340 job cuts.