Lazard Gets A Crown Prince Sort Of

Has David-Weill really anointed Steve Rattner his successor?

For twenty years, Michel David-Weill has run the New York, London, and Paris Lazard houses with an iron fist. His charming Old World style camouflages his reluctance to share power. And the 64-year-old billionaire has no reason to, since Lazard is a private company and he is its controlling shareholder. But David-Weill has a problem: There is no one to carry on for him. His four daughters have shown no interest in the business. His son-in-law, Edouard M. Stern, once a potential heir apparent, left the firm in April to pursue his own business. And 68-year-old Felix G. Rohatyn, who was the firm's most famous rainmaker, retired on Apr. 30 after he was nominated as the U.S. Ambassador to France.

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