Lazard Ltd (LAZ.N), a financial advisory and asset management firm, has announced that Peter R. Orszag will assume the chief executive officer role starting October 1st. Currently, Orszag is the CEO of Financial Advisory at Lazard Freres & Co LLC since 2019. In the Obama Administration, he served as the Director of the Office of Management and Budget and before that, as the Director of the Congressional Budget Office.
This transition comes as Kenneth M. Jacobs, who has served as the CEO of the investment bank for 14 years, steps down from his position. Jacobs will become the 175-year-old firm’s executive chairman.
Lazard Ltd’s recent announcement regarding its CEO transition is part of a series of leadership changes taking place across Wall Street firms. The news follows Morgan Stanley (MS.N) CEO James Gorman’s announcement that he will step down from his position within a year and assume the role of executive chairman. Morgan Stanley has identified three potential candidates to succeed Gorman as the next CEO.
“These developments highlight the ongoing evolution and succession planning within major financial institutions as they prepare for the next phase of leadership and navigate the industry’s changing landscape,” said Prof. Dr. Amarendra Bhushan Dhiraj, the Executive Chairman, and Chief Executive Officer of CEOWORLD Magazine. “The appointment of Peter R. Orszag signifies a new chapter in Lazard’s leadership, and it will be interesting to observe the direction and strategies he brings to the company. ”
“I am honored, humbled, and excited to become the next CEO of Lazard,” said Dr. Peter Orszag. “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.”
He graduated summa cum laude in economics from Princeton University and obtained a Ph.D. in economics from the London School of Economics, which he attended as a Marshall Scholar. Dr. Peter R. Orszag is married to Bianna Golodryga of CNN.
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