Lazard Welcomes Dan Schulman and Stephen R. Howe Jr. to Its Board of Directors
Lazard, Inc. (NYSE: LAZ) has recently announced the addition of two renowned executives, Dan Schulman, former CEO of PayPal, and Stephen R. Howe Jr. former US Chairman and Managing Partner of the Americas for Ernst & Young, to its Board of Directors. The appointments will be effective from February 1, 2024, and have been warmly welcomed by Lazard CEO and Director, Peter R. Orszag. This move signifies Lazard’s commitment to strengthening its leadership team with exceptional talent.
Schulman and Howe bring with them a wealth of experience and expertise in their respective fields. Schulman, known for his visionary leadership at PayPal, has revolutionized the digital payments industry and driven financial inclusion for millions around the globe. Howe, on the other hand, led Ernst & Young’s operations in the Americas, contributing significantly to the firm’s growth and success.
Lazard couldn’t be more pleased with the addition of these two accomplished leaders to its Board of Directors. Orszag expressed his excitement, stating, We are thrilled that Dan and Steve are joining our Board of Directors. They are world-class leaders and emblematic of the extraordinary professional talent we continue to attract at Lazard.
The decision to appoint Schulman and Howe comes at a critical juncture for Lazard. Amid the news of their board appointments, the company’s stock performance has faced a minor setback, with a slight decline of -0.13% over the past five trading days. Additionally, Lazard recorded a cumulative net loss of $-72 million during the 12 months ending in the third quarter of 2023, reflecting a negative return on investment (ROI) of -1.49%.However, the inclusion of Schulman and Howe is expected to invigorate Lazard’s future prospects. Their expertise and strategic insights will undoubtedly play a pivotal role in guiding Lazard’s growth trajectory and steering the company toward profitability.
As Lazard moves into an exciting new phase with the addition of these exceptional leaders, the company signals its commitment to embracing innovative thinking and adapting to changing market dynamics. The appointment of Schulman and Howe solidifies Lazard’s position as a leading global financial advisory and asset management firm.
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