Peter Orszag, Lazard’s new CEO, implements significant changes boosting deal fees to nearly $1 billion in just six months, propelling the firm’s stock price and average revenue per managing director. Orszag’s strategic shift receives praise amid competition with emerging rivals, setting the stage for further transformations at Lazard.
Lazard’s New Chief Executive Peter Orszag Pushes for Transformation
Peter Orszag, the new CEO of investment bank Lazard, has initiated significant changes since taking office. Based in Lazard’s headquarters at 30 Rockefeller Plaza in New York on the 64th floor, Orszag has created a personal office suitable for high-profile meetings and enjoys a solitary position, separate from other bankers.
Orszag, who served as an economist in the Obama administration, has seen success with the firm’s deal fees reaching nearly $1 billion over the past six months. This performance boosts Lazard’s average revenue per managing director above the $8.5 million target, and the firm’s stock price has increased since November lows.
Veteran Lazard banker Alexandra Soto praised Orszag’s strategic shift, emphasizing his focus on overall firm strategy rather than day-to-day transaction management. This approach is seen as necessary to compete with emerging rivals like Evercore and Centerview Partners.
Though some employees have voiced concerns over Orszag’s differing strategy and messages, his tenure has led to positive financial metrics, setting the stage for continued transformation at Lazard.
