The CEO of the investment bank Lazard, Ken Jacobs, should soon leave his post, says the American economic daily Wall Street Journal (WSJ), an information not confirmed by the company which indicates however that a succession plan is initiated.
We have had a succession plan in place for some time and our plan is underway, said Richard D. Parsons, lead director of the bank, in a statement sent to AFP on Friday.
One of the most important responsibilities of any board is to ensure a smooth leadership transition, he stresses.
Joining Lazard in 1988, Kenneth M. Jacobs has headed the Franco-American investment bank since November 2009.
The Wall Street Journal ensures that the leader plans to stay with the company and puts forward the name of Peter Orszag, one of the group’s senior executives, former director of the US government’s budget office, as a potential successor.
The merchant bank declined to comment.
It 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.