Investing
Lazard Names Orszag as CEO as It Faces Dealmaking Drought, Share Slump
- Decline in M&A work has weighed on the firm’s profit, shares
- New management structure will be announced before October
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Lazard Ltd. named Peter Orszag to succeed Chief Executive Officer Ken Jacobs as the advisory firm grapples with an industrywide dealmaking slump that’s expected to last at least through the end of this year.
Orszag, who currently leads Lazard’s advisory business, will take the top job on Oct. 1, the company said in a statement Friday. The moves confirmed reports last week that Jacobs was planning to step down and become executive chairman after almost 14 years as CEO.