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Lazard (LAZ) reshapes asset management leadership as Russo exits role

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Lazard, Inc. is changing leadership of its asset management business. Evan L. Russo will step down as Chief Executive Officer of Lazard’s asset management business effective on or around December 1, 2025, and no later than December 31, 2025. He will move into a non-executive role as Senior Advisor to the Company’s Chief Executive Officer and remain employed in that role through June 30, 2026, when his service with the company will end.

During this advisory period, Mr. Russo will keep his current base salary, remain in company benefit plans and continue to be eligible to vest in outstanding equity awards according to their existing terms. Upon his separation, he will be eligible for severance and equity treatment described in prior agreements and the 2025 proxy statement, with cash severance calculated as if his termination occurred on December 31, 2025. Lazard also appointed Christopher Hogbin as Managing Director and Chief Executive Officer of its asset management business, effective on a mutually agreed date no later than January 30, 2026.

Positive

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Negative

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Insights

Lazard is executing a planned leadership handoff in its asset management unit.

The company outlines a structured transition in which Evan L. Russo leaves the role of Chief Executive Officer of the asset management business around late 2025 and serves as Senior Advisor until June 30, 2026. This staged approach can help preserve client and employee continuity while a new leader steps in.

Compensation terms keep Mr. Russo on his current base salary and benefit plans during the advisory period, and confirm eligibility for severance and equity treatment already described in his existing agreements and the 2025 proxy. This suggests the economics are pre-established rather than newly enhanced. The appointment of Christopher Hogbin as the next Chief Executive Officer of the asset management business, effective by January 30, 2026, gives a clear timeline for succession, though operational impact will depend on his strategic choices, which are not detailed here.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Understanding 8-K Material Events →
0001311370FALSE00013113702025-09-032025-09-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________
FORM 8-K
________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 3, 2025
________________________________________________
Lazard, Inc.
(Exact name of registrant as specified in its charter)
________________________________________________
Delaware001-3249298-0437848
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(IRS Employer
Identification No.)
30 Rockefeller Plaza
New York, New York
10112
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: 212-632-6000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per shareLAZNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Transition of Evan L. Russo

On September 8, 2025, Lazard, Inc. (the “Company”) announced that Evan L. Russo will transition from his role as Chief Executive Officer of Lazard’s asset management business effective on or around December 1, 2025 (and no later than December 31, 2025) (the “Transition Date”) into a non-executive officer role as Senior Advisor to the Chief Executive Officer of the Company (“Senior Advisor”). Mr. Russo will continue employment with the Company as Senior Advisor through June 30, 2026 (such date the “Separation Date”, and such period, the “Advisory Period”). As of the Separation Date, Mr. Russo’s service with the Company will cease.

Transition Agreement with Mr. Russo

In connection with such transition, on September 7, 2025, the Company and Mr. Russo entered into a transition agreement (the “Russo Transition Agreement”), pursuant to which (1) his service as Chief Executive Officer of Lazard’s asset management business will cease as of the Transition Date and (2) on the Transition Date, he will transition into the role of Senior Advisor and will continue employment in such role through the Separation Date.

As compensation for services performed during the Advisory Period, Mr. Russo will receive his base salary at its current rate, continue to participate in the Company’s benefit plans and programs in accordance with their terms and be eligible to vest in his outstanding equity-based awards in accordance with their terms.

As of the Separation Date, Mr. Russo will be eligible to receive (1) the severance benefits payable upon a qualifying termination (prior to a change in control) under his Amended and Restated Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of March 31, 2022 and amended as of May 25, 2023, and the (2) treatment of outstanding equity-based awards in accordance with their terms, in each case subject to and in accordance with the terms of the applicable arrangement and as described (as applicable) in the Company’s Definitive Proxy Statement on Schedule 14A filed on March 25, 2025 (the “2025 Proxy Statement”) under “Potential Payments Upon Termination or Change in Control”, “Individual Agreements” and “Award Agreements – Death, Disability, Non-CIC Termination;” provided that the cash severance benefits will be calculated as though his termination date had occurred on December 31, 2025.

The Russo Transition Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The above descriptions are qualified in their entirely by reference to the terms of the Russo Transition Agreement.

Item 8.01    Other Events.

On September 8, 2025, the Company announced the appointment of Christopher Hogbin as Managing Director and Chief Executive Officer of Lazard’s asset management business, effective upon a date to be mutually agreed between the Company and Mr. Hogbin, but in any event no later than January 30, 2026. Copies of each of the offer letter and letter agreement entered into between the Company and Mr. Hogbin are filed as Exhibit 10.2 and Exhibit 10.3, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

A copy of the Company’s press release announcing the appointment of Mr. Hogbin is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01    Financial Statements and Exhibits.


(d)Exhibits. The following exhibits are filed or furnished as part of this Report on Form 8-K:
Exhibit No.Description
10.1
Transition Agreement, dated September 7, 2025, between Lazard, Inc. and Evan L. Russo
10.2
Offer Letter, dated September 3, 2025, between Lazard, Inc. and Christopher Hogbin
10.3
Letter Agreement regarding terms of Employment, dated September 3, 2025, between Lazard, Inc. and Christopher Hogbin
99.1
Press Release issued September 8, 2025
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
LAZARD, INC.
(Registrant)
By:/s/ Shari L. Soloway
Name:Shari L. Soloway
Title:Corporate Secretary
Dated: September 8, 2025

Source: View Original Filing on SEC EDGAR

FAQ

What leadership changes at Lazard (LAZ) are described in this 8-K?

The filing states that Evan L. Russo will leave his role as Chief Executive Officer of Lazard’s asset management business on or around December 1, 2025, and no later than December 31, 2025, and become Senior Advisor to the Company’s Chief Executive Officer. It also announces the appointment of Christopher Hogbin as Managing Director and Chief Executive Officer of Lazard’s asset management business, effective on a mutually agreed date no later than January 30, 2026.

How long will Evan L. Russo remain with Lazard (LAZ) after stepping down as asset management CEO?

Mr. Russo will serve as Senior Advisor from the transition date into that role through June 30, 2026, which the filing defines as the Separation Date. As of that date, his service with Lazard, Inc. will cease.

What compensation will Evan L. Russo receive during his advisory period at Lazard (LAZ)?

During the advisory period, Mr. Russo will receive his base salary at its current rate, continue to participate in company benefit plans and programs in accordance with their terms, and remain eligible to vest in his outstanding equity-based awards according to their existing terms.

What severance arrangements for Evan L. Russo does Lazard (LAZ) confirm in this filing?

As of the Separation Date, Mr. Russo will be eligible to receive severance benefits for a qualifying termination prior to a change in control under his Amended and Restated Agreement Relating to Retention and Noncompetition and Other Covenants, and related equity award treatment, as previously described in the 2025 Proxy Statement. The filing notes that cash severance benefits will be calculated as though his termination date had occurred on December 31, 2025.

Who is Christopher Hogbin and what role will he hold at Lazard (LAZ)?

The filing states that Christopher Hogbin has been appointed as Managing Director and Chief Executive Officer of Lazard’s asset management business. His start date will be a date mutually agreed between the company and Mr. Hogbin, but in any event no later than January 30, 2026.