Lazard names new chief executive

Lazard has appointed Peter Orszag chief executive, replacing longstanding chief executive Ken Jacobs who serve as executive chair.

Peter Orszag was previously head of the firm's financial advisory business.

He first joined Lazard as a managing director and vice-chairman of investment banking in 2016 before taking up the role of head of North American mergers and acquisitions and global co-head of healthcare.

Lazard director Richard Parsons said Orszag was the best choice for chief executive.

"Over his career spanning both banking and government, Peter has proven to be a strategic, visionary and decisive leader, with deep relationships across the industry and the ability to effectively lead Lazard through evolving global markets and complex geopolitical dynamics," he said.

Commenting on his appointment, Orszag said: "I am honoured, humbled, and excited to become the next CEO of Lazard. I want to thank our board of directors and Ken for entrusting me with this role.

"Put simply, it is a privilege to work with such exceptionally talented colleagues across the firm. I look forward to serving and supporting them, our clients, and our shareholders. Along with Evan Russo, our CEO of asset management, and the rest of our firm, we have a strong team to build on the firm's successful foundation for the future."

Added Jacobs: "It has been the highlight of my professional career to lead Lazard for the past 14 years and an honour to have worked with such a talented and dedicated global team during my tenure. I look forward to continuing to work alongside the board, Peter, Evan and the leadership team, as well as with Lazard colleagues on client business around the world.

"Our 175-year legacy speaks to our best-in-class people and our commitment to excellence in all that we do. I believe strongly that Peter is the right choice as CEO for Lazard's next chapter in its storied history."