Financial Services

Lazard Unveils New Leadership: Peter R. Orszag as CEO and Kenneth M. Jacobs as Executive Chairman

Peter R. Orszag, currently CEO of Financial Advisory at Lazard, has been unanimously elected by its Board to serve as CEO of Lazard and as a Board Director.

Kenneth M. Jacobs, Chairman and CEO of Lazard, will serve as Executive Chairman of the Board and will continue to advise clients on strategic financial matters.

These changes will take effect October 1, 2023.

Editorial Team
Published on: May 27, 2023

Lazard Ltd (NYSE: LAZ) made a significant announcement today regarding changes in its leadership. Peter R. Orszag, currently the CEO of Financial Advisory at Lazard, has been unanimously elected by the Board to take on the role of CEO of Lazard and also serve as a Board Director. Meanwhile, Kenneth M. Jacobs, the current Chairman and CEO of Lazard, will assume the position of Executive Chairman of the Board, focusing on providing strategic financial guidance to clients. These transitions will officially take effect on October 1, 2023.

The appointment of Peter R. Orszag as CEO has been hailed as an optimal choice by Richard D. Parsons, Lead Independent Director of Lazard. Parsons emphasized Orszag’s remarkable leadership skills, strategic acumen, and extensive industry relationships, acquired throughout his illustrious career in both banking and government. Parsons expressed confidence in Orszag’s ability to steer Lazard through the dynamic global markets and intricate geopolitical landscape.

While acknowledging Kenneth M. Jacobs’ exceptional leadership and contributions as Chairman and CEO, Mr. Parsons also conveyed excitement about his new role as Executive Chairman. Jacobs, with his profound client relationships honed over three decades, will continue to play a pivotal role in delivering outstanding results and understanding client needs.

Expressing his gratitude and enthusiasm, Peter R. Orszag expressed his deep appreciation to the Board of Directors and Ken Jacobs for entrusting him with the position of CEO. He emphasized his privilege to work alongside immensely talented colleagues at Lazard and vowed to support the firm, its clients, and shareholders. Orszag, together with Evan Russo, CEO of Asset Management, and the rest of the Lazard team, is eager to build upon the firm’s successful foundation and propel it into the future.

Ken Jacobs reflected on the past 14 years leading Lazard, describing it as the pinnacle of his professional career. He expressed his honor in collaborating with a dedicated global team and his enthusiasm for continuing to work closely with the Board, Peter Orszag, Evan Russo, and the leadership team. Jacobs highlighted Lazard’s 175-year legacy, underscoring the exceptional caliber of its people and their unwavering commitment to excellence. He firmly believes that Peter Orszag is the ideal choice to guide Lazard in its next chapter of success.

With these strategic leadership changes, Lazard is poised to embark on a new era, leveraging the expertise and vision of its new CEO and Executive Chairman to further strengthen its position as a global leader in financial advisory services.