Lazard CEO To Resign, Names Replacement: Report

  • Lazard Ltd LAZ CEO, Ken Jacobs, is anticipated to resign from his post for undisclosed reasons.
  • As per the sources, Jacobs will continue to work with clients at Lazard post-resigning.
  • Peter Orszag, head of the investment bank's financial advisory division, was named the replacement, reported Reuters.
  • Orszag had earlier worked as the head of North America M&A at Lazard and was employed at Citigroup before that.
  • Last month, the company reported a Q1 adjusted loss per share of $0.26 vs. consensus EPS of $0.26 and revenue of $527.0 million, missing the consensus of $562.5 million.
  • Lazard also disclosed its intention to cut headcount by about 10% of the workforce throughout 2023 as a part of cost-saving initiatives.
  • As of April 30, 2023, Lazard had assets under management of around $234.6 billion
  • Price Action: LAZ shares closed higher by 0.56% at $28.72 on Thursday.
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