Lazard has announced that chief financial officer Evan Russo will take over from Ashish Bhutani as CEO of its asset management business.
The appointment comes after Bhutani announced he will retire from his position to focus on his philanthropic efforts after nearly 20 years of leading the business, having joined Lazard in 2003.
Bhutani will also retire as a member of Lazard and Lazard Group’s board of directors but will continue to serve as chairman of asset management and as vice chairman of Lazard until the end of the year.
Kenneth Jacobs, chairman and CEO of Lazard, said: “Over his two decades at Lazard, Ashish has led the transformation of our asset management business into a leading global franchise driven by a world-class team, and for the past 12 years he has served as a valued member of our board of directors.”
Russo will take over as CEO when Bhutani steps down on 1 June and will continue to serve as CFO until his successor is announced.
Russo joined Lazard in 2007 and was appointed CFO in 2017, having previously served as co-head of Lazard’s capital markets and capital structure advisory practice.
Lazard also announced that its president Alexander Stern will retire at the end of 2022. He was appointed president in 2019 and has worked for Lazard for nearly 30 years, joining in 1994 as an investment banker in its financial advisory business.
Prior to becoming president, Stern had held a number of positions, including as CEO of Lazard’s financial advisory business, global head of strategy and COO.
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