Lazard announced that Peter R. Orszag, currently CEO of Financial Advisory at Lazard, has been appointed CEO and a Board Director, effective October 1, 2023. Kenneth M. Jacobs, current Chairman and CEO, will serve as Executive Chairman and continue to advise clients on strategic financial matters.

As head of financial advisory, Orszag led the firm’s advisory businesses operating in more than 25 countries. He previously served as the firm’s head of North America mergers and acquisitions and global co-head of healthcare.

Orszag joined Lazard as a managing director and vice-chairman of investment banking in 2016. Prior to Lazard, he was a vice chairman at Citigroup and served as the director of the office of management and budget in the Obama Administration.

“Peter is the optimal choice as the next chief executive of Lazard,” Lazard lead independent director Richard D. Parsons said. “Over his career spanning both banking and government, Peter has proven to be a strategic, visionary and decisive leader, with deep relationships across the industry and the ability to effectively lead Lazard through evolving global markets and complex geopolitical dynamics.”

Jacobs has served as chair and chief executive of Lazard since 2009. Previously, he was deputy chair of the firm and chief executive of Lazard North America since 2002. He initially joined Lazard in 1988.