Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Corporate - People
Lazard CEO, two top executives quit
MUMBAI, June 11
THREE senior executives, including the CEO, of investment adviser, Lazard India, have resigned from the company, apparently to pursue individual goals.
The investment banker is one of the top advisers to the Government on its disinvestment process.
Lazard is helping the Government sell Shipping Corporation of India and had advised it in the sale of ITDC hotels.
In a release on Wednesday, Lazard said that the CEO, Mr Ashish Guha, and Managing Directors, Mr Sanjay Sakhuja and Mr Amit Mukherjee, "have advised that they wish to pursue their individual goals. This will become effective June 30".
Mr Guha was the chief adviser to the Government in the ITDC hotels sale.
When contacted, Mr Guha, who was also involved with deals such as Italcementi-Zuari and Bharti-Spice, said: "We are exploring some options in the investment banking area itself. We will make an announcement soon."
Speaking to Business Line from London, Mr Udayan Bose, Chairman, Lazard India, said that the resignations would not affect the business of the firm.
Mr Bose added that he would personally take over the mandates that were being handled by the three executives.
Mr Sakhuja was currently helping Global Trust Bank restructure its business and identify a strategic equity partner.
Mr Bose, who is also Managing Director of Lazard UK, was quoted in the release as saying, "All have made valuable contributions, but we respect their desire to pursue their own careers and they go with our best wishes. A new CEO has been identified and talks are in its final stages and an announcement will be made shortly.
"But since our clients are my prime concern, our two Managing Directors, Mr Rajiv Saxena and Mr Saurav Ghosh, and I will take over all current assignments and for this purpose I will be spending more time in India for the next few months, till the new CEO is fully settled."
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