Leading a renowned financial institution amidst daunting hurdles in its core business, Mr. Orszag assumes the CEO role at Lazard.
TWC – Lazard, a prominent financial advisory firm, made a significant announcement on Friday, revealing that Peter Orszag, the head of its core financial advisory business, will succeed Ken Jacobs as its chief executive officer starting October 1. However, Mr. Jacobs will remain executive chairman, providing valuable counsel to clients.
Assuming the leadership of a 175-year-old financial institution with a remarkable track record in advising on major corporate deals, Mr. Orszag steps into the role when Lazard’s primary business faces substantial challenges.
In a statement, Richard Parsons, the firm’s lead independent director, expressed confidence in Mr. Orszag’s abilities, stating, “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.”
Although Lazard did not disclose the exact timeline of its succession planning, Mr. Orszag aged 54, noted in a memo to employees that the selection process had been underway for a considerable period.
With an economist background, Mr. Orszag frequently appears on CNBC and Bloomberg Television, lending his expertise to financial discussions. He has garnered experience and influence in both Washington and Wall Street, having served under Presidents Bill Clinton and Barack Obama and holding a position at Citigroup. His diverse and extensive background enables him to steer one of the world’s most prominent independent banks.
Furthermore, the combination of rising interest rates, stricter antitrust enforcement, and a decelerating economy cast doubt on the likelihood of a swift revival in substantial mergers and acquisitions.
Despite these obstacles, Mr. Orszag’s strategic leadership, industry relationships, and comprehensive understanding of global markets position him to guide Lazard through the complexities of today’s financial landscape. As the new CEO, he will undoubtedly face demanding circumstances, but his experience and vision make him well-suited to navigate the challenges ahead.