Lazard's (LAZ) Jacobs to Follow in Wasserstein's Footsteps

Lazard Ltd. (NYSE: LAZ) named Kenneth M. Jacobs as CEO and Chairman on Tuesday, filling the vacancy left by the former head of the company, Bruce Wasserstein, who died suddenly last month.

Jacobs, 51, who has been with the company since 1988, was most recently serving as the CEO of Lazard's North American business. He was named a partner at the New York-based company in 1991.

The move for Jacobs to CEO and Chairman is effective immediately, and was voted unanimously by the company’s board.

"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 goes back to 1848 and provides advice to companies on mergers and acquisitions, as well as asset management.

Following the news, shares of Lazard have moved up 1.83% to $40.37 in mid-day trading.

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