By Steve Eder
NEW YORK (Reuters) - Lazard Ltd
The move was widely expected and signals the investment bank is not seeking to change its focus on businesses such as merger advisory and restructuring, analysts said.
Jacobs, 51, has been with the firm for more than two decades and is an experienced dealmaker. He has worked on transactions for clients including GlaxoSmithKline and IBM, even as he has risen to increasingly senior posts.
"The key to Lazard is you have to be a player-coach," Jacobs said in a 2006 interview with BusinessWeek. "You have to have clients and be involved in big transactions. Otherwise, you get no respect."
Lazard shares drifted down 0.35 percent to $39.51 in morning trading.
Jacobs joined Lazard in 1988 and was named a partner in 1991. He became deputy chairman in 2002.
He was chosen to succeed Wasserstein in large part because he provides a bridge to the days when Lazard was a private partnership, said William Cohan, author of the Lazard history "The Last Tycoons."
Jacobs played a key role in keeping the firm together through tumultuous times, Cohan said. Wasserstein turned Lazard from a partnership legendary for its private fiefdoms and infighting into a public company.
"Jacobs has always been there for Lazard through all the upheavals the firm has had during the last ten years," Cohan said. "He has always been the guy behind the scenes holding the firm together.
POWER STRUGGLES
Lazard's board picked Jacobs unanimously.
In a lengthy announcement that listed several leadership changes, Lazard said Steven Golub, interim chief executive since Wasserstein's death, will continue as Lazard vice chairman and chairman of its financial advisory group. Golub had been considered a candidate for CEO.
Deputy Chairman Gary Parr, also considered a CEO candidate, will become director and vice chairman. There was some doubt about whether Parr, a prolific dealmaker, wanted the job of CEO.
"He is very adept at what he does, but I think he is not someone who would be excited about doing all the administrative stuff and being the CEO running the business," said Michael Holland, president of Holland & Co, noting that Parr is chairman of the Philharmonic-Symphony Society of New York Inc.
Lazard also announced Tuesday that Ashish Bhutani, who is CEO of Lazard Asset Management, will become a director and vice chairman.
Steven Heyer, a director since Lazard's initial public offering in 2005, will become lead director, a new board position.
Antonio Weiss was named global head of investment banking.
(Reporting by Steve Eder; editing by John Wallace)