Lazard chief Wasserstein dies, Golub named interim CEO

WASHINGTON: Steven Golub, vice-chairman of Lazard, was named interim chief executive officer of the firm after the death of Bruce Wasserstein, the pre-eminent Wall Street dealmaker who took the bank public in 2005. Lazard announced Wasserstein���s death in a statement on Wednesday, without giving a cause or saying when or where he died. Wasserstein, who was 61, had been hospitalised with an irregular heartbeat, Lazard said on October 11.

Golub, 63, joined Hamilton, Bermuda-based Lazard in 1984 and has been chairman of the financial-advisory group since May 2005. He takes charge of Lazard as it emerges from a slowdown in mergers and acquisitions. In July, Lazard reported profit that beat analysts��� estimates as revenue from advising on corporate restructurings almost tripled. Second-quarter earnings dropped 33% to $43.1 million from the same period a year earlier.

The interim CEO ���is the gel between the old Lazard and the new Lazard,��� said William Tanona, an analyst at Collins Stewart. ���He���s always been Bruce���s No 2. He���s qualified, he understands the business extremely well.��� Lazard fell $2.64, or 6.1%, to $40.63, at 9:44 am in NYSE composite trading, the biggest drop since June 22.