Peter Orszag, chief executive of financial advisory at Lazard since 2019, has been named CEO of the firm.
He would take up the role on 1 October 2023.
According to Richard Parsons, lead independent director of Lazard, Orszag is the “optimal choice” for CEO.
“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.
As head of financial advisory, Orszag had led the firm’s global advisory businesses operating in more than 25 countries.
He previously served as the firm’s head of North America mergers and acquisitions and global co-head of healthcare.
He first joined Lazard as a managing director and vice-chairman of investment banking in 2016.
Commenting on his appointment, Orszag said: “I am honored, 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.”
Lazard also announced that Kenneth Jacobs, chairman and CEO of Lazard since 2009, will now serve as executive chairman of the board. He was previously a deputy chairman of the firm and CEO of Lazard North America since 2002.
“It has been the highlight of my professional career to lead Lazard for the past 14 years and an honor 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,” said Jacobs.
“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.”
