Incoming Lazard Ltd.
LAZ,
Chief Executive Peter Orszag on Thursday said he plans to steer the investment bank to double its revenue by 2030, according to a letter posted on its website. The investment bank is currently projected to generate about $2.48 billion in revenue in 2023, according to FactSet consensus estimates. Doubling that figure would translate to about $5 billion in revenue over the next seven years. Orszag formally begins work as chief executive on Oct. 1. The firm’s 2030 revenue target would be realized through double-digit revenue growth annually on average, which would be “more in line with how similarly sized peers have grown through the cycle,” Orszag said. The revenue increase will be split about evenly between Lazard’s asset management unit and its advisory business Lazard also plans to average total shareholder return of 10% to 15% per year through 2030. Among the executive changes at the firm, Alexandra Soto, a senior partner, was named as Lazard’s chief operating officer. Chris Weideman will join Lazard as general counsel after working previously at Apollo Global Management Inc.
APO,
Lazard stock was up 1.1% in premarket trades.
