Lazard CEO To Resign, Names Replacement: Report
Portfolio Pulse from Lekha Gupta
Lazard Ltd CEO, Ken Jacobs, is expected to resign for undisclosed reasons, with Peter Orszag, head of the investment bank's financial advisory division, named as his replacement. Lazard recently reported a Q1 adjusted loss per share of $0.26 and revenue of $527 million, missing consensus estimates. The company also plans to cut 10% of its workforce by 2023.
May 19, 2023 | 1:17 pm
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Lazard CEO Ken Jacobs is resigning, with Peter Orszag named as his replacement. The company reported a Q1 adjusted loss per share of $0.26 and plans to cut 10% of its workforce by 2023.
The resignation of Lazard's CEO and the company's recent earnings miss may negatively impact the stock price in the short term. Additionally, the planned workforce reduction could create uncertainty among investors, further contributing to a potential decline in the stock price.
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