Lazard elevates financial advisory head to CEO

Lazard Ltd.
LAZ,
+0.96%
on Friday named insider Peter R. Orszag as its next chief executive officer as of Oct. 1, when Kenneth M. Jacobs becomes executive chairman after working as CEO for 14 years. Orszag is now CEO of financial advisory at Lazard. Orszag has been CEO of Lazard’s financial advisory unit since 2019 and joined the firm in 2016. Prior to his time at Lazard, Orszag was director of the Office of Management and Budget in the Obama administration. Lazard stock is up 0.5% in early trades on Friday. The stock is down 18.4% in 2023, compared to an 8.4% increase by the S&P 500
SPX,
+1.03%
and a 6.7% drop by the Financial Select SPDR ETF
XLF,
+0.80%.