Lazard CEO Jacobs to Pass Reins to Orszag as Deal Slump Drags On
- Investment bank has been hit by a slowdown in M&A advisory
- Jacobs cut costs after a surprise loss, persistent stock slump
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Lazard Ltd. Chief Executive Officer Ken Jacobs plans to step down from the top job as the investment bank retrenches amid a slump in dealmaking and a plunge in the company’s stock price.
Jacobs, 64, will remain with the firm and be succeeded as CEO by Peter Orszag, a person familiar with the matter said. The transition hasn’t been finalized and could still change, the person said, asking not to be identified discussing private information. Richard Parsons, the bank’s lead director, said in a statement that Lazard has had a succession plan in place for a while and that the plan “is on track,” while a spokesperson for the firm declined to comment further.