Lazard CEO To Resign, Names Replacement: Report

Lazard Ltd LAZ CEO, Ken Jacobs, is anticipated to resign from his post for undisclosed reasons.
As per the sources, Jacobs will continue to work with clients at Lazard post-resigning.
Peter Orszag, head of the investment bank's financial advisory division, was named the replacement, reported Reuters.
Orszag had earlier worked as the head of North America M&A at Lazard and was employed at Citigroup before that.
Last month, the company reported a Q1 adjusted loss per share of $0.26 vs. consensus EPS of $0.26 and revenue of $527.0 million, missing the consensus of $562.5 million.
Lazard also disclosed its intention to cut headcount by about 10% of the workforce throughout 2023 as a part of cost-saving initiatives.
As of April 30, 2023, Lazard had assets under management of around $234.6 billion.
Price Action: LAZ shares closed higher by 0.56% at $28.72 on Thursday.