Lazard announced on Friday that Peter Orszag, who leads its core financial advisory business, will succeed Ken Jacobs as the company’s chief executive on Oct. 1.
Mr. Jacobs will stay on as executive chairman and continue to advise clients.
Mr. Orszag, a former Obama administration official, will oversee a 175-year-old financial institution with a long history of advising on major corporate deals at a time when its mainstay business faces huge challenges.
“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,” Richard Parsons, the firm’s lead independent director, said in a statement.
Lazard did not say when its succession planning began, but Mr. Orszag, 54, wrote in a memo to employees on Friday that the move followed a “selection process that has been in the works for quite some time.”