Lazard, Inc. (NYSE: LAZ) has announced several key leadership changes, including the appointment of Dan Schulman as the new lead independent director and Peter R. Orszag as the chairman of the board, effective January 1, 2025.
Kenneth M. Jacobs, the current executive chairman, will transition to the role of senior chairman of the firm and senior advisor to the board, and will relinquish his board seat effective December 31, 2024.
Peter R. Orszag, who became Lazard's CEO on October 1, 2023, has had an extensive career with the firm, previously serving as the CEO of Financial Advisory, Head of North American Mergers & Acquisitions, and Global Co-Head of Healthcare. Prior to joining Lazard, he held prominent government positions, including Director of the Office of Management and Budget in the Obama administration.
Dan Schulman, who joined Lazard as a board member on February 1, 2024, has an impressive track record, having served in leadership roles at companies such as PayPal, American Express, and Sprint Nextel Corporation.
Kenneth M. Jacobs, who has been with Lazard since 1988, will continue to advise the firm's most important clients and relationships globally in his new role as senior chairman.
These leadership transitions mark a significant milestone in Lazard's succession planning process, reflecting the firm's commitment to ensuring a smooth transition of leadership across the board and senior management.
As Lazard prepares for its next phase of growth, these changes signal a new era for the company under the leadership of Peter R. Orszag as chairman and CEO, with Dan Schulman stepping into the role of lead independent director. Following these announcements, the company's shares moved 3.4%, and are now trading at a price of $59.66. If you want to know more, read the company's complete 8-K report here.
