Lazard extends retention agreements for Jacobs, Russo, Orszag to 2025; Bhutani and Stern to retire

Lazard, Inc.

Jacobs, Russo, Orszag get extended retention agreements through March 31, 2025, with change-in-control extension.
Russo to become CEO of Lazard Asset Management by June 1, 2022, succeeding Bhutani.
Bhutani resigns as LAM CEO June 1, 2022, remains Chairman of Asset Mgmt and Vice Chairman through Dec 31, 2022.
Stern resigns as President effective Dec 31, 2022; not due to dispute with Company.
Severance: Qualifying Termination pays 2x base salary plus average bonus; 1x if not renewed (Russo/Orszag).

item 5.02 item 9.01

Executive movements

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Role change

Evan L. Russo

Chief Executive Officer of Lazard Asset Management

LAZ · Lazard, Inc.

Effective: 2022-06-01
Filed: April 6, 2022, 7:59 PM ET

Mr. Russo’s extended retention agreement provides that he will become Chief Executive Officer of the Firm’s Asset Management business, including Chief Executive Officer of Lazard Asset Management LLC (“ LAM ”), no later than June 1, 2022.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Evan L. Russo was appointed as Chief Executive Officer of Lazard Asset Management at Lazard, Inc..

Action: appointed
Role: Chief Executive Officer of Lazard Asset Management

Exact text from the filing

Mr. Russo’s extended retention agreement provides that he will become Chief Executive Officer of the Firm’s Asset Management business, including Chief Executive Officer of Lazard Asset Management LLC (“ LAM ”), no later than June 1, 2022.

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Lazard, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-096821

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