Lazard Names Peter Orszag CEO, Kenneth Jacobs Exe. Chairman

(RTTNews) - Lazard Ltd. (LAZ), a financial advisory and asset management firm, announced on Friday that it has appointed Peter Orszag as Chief Executive Officer and as a Board Director, effective October 1.

Kenneth Jacobs, who is the present CEO and Chairman, will start serving as the Executive Chairman of the board on the same day.

Currently, Orszag is the executive chief of financial advisory at Lazard.

Orszag joined Lazard as a managing director of Investment Banking in 2016. Previously, he has served as the Director of the Office of Management and Budget in the Obama Administration, and as the Director of the Congressional Budget Office.

Jacobs, who initially joined Lazard in 1988, has served as Chairman and Chief Executive Officer since November 2009. Previously, since 2002, he was a Deputy Chairman of the firm and Chief Executive Officer of Lazard North America.

In Premarket activity, shares of Lazard were trading at $29.00, up 3.02% or $0.85 on the New York Stock Exchange.