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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): July 27, 2022

 

Lazard Ltd

(Exact name of registrant as specified in its charter)

 

 

Bermuda	001-32492	98-0437848
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
Clarendon House, 2 Church Street, Hamilton, Bermuda		HM 11
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 441-295-1422

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 class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock		LAZ		New 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 ☐

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. ☐

 

 

 

 

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Item 2.02Results of Operations and Financial Condition.

On July 28, 2022, Lazard Ltd (the “Company”) issued a press release announcing financial results for its second quarter ended June 30, 2022. A copy of the Company’s press release containing this information is being furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 28, 2022, the Company announced that its Board of Directors appointed Mary Ann Betsch, age 43, as Chief Financial Officer and a Managing Director of the Company and Lazard Group LLC (“Group”), effective October 3, 2022.

Previously, since 2018, Ms. Betsch served as a Managing Director at Citadel, which is not a parent, subsidiary or other affiliate of the Company or Group, where Ms. Betsch helped lead Citadel’s financing and accounting functions. She began her career over 20 years ago at PricewaterhouseCoopers, where she held audit and advisory roles, serving global investment banks and other financial institutions.  

On July 27, 2022, Group entered into a letter agreement with Ms. Betsch (the “Letter Agreement”) with respect to her employment. Generally, Ms. Betsch’s service under the Letter Agreement may be terminated by either party; provided that Ms. Betsch must provide three months’ written notice of her intention to terminate employment. The Letter Agreement provides that Ms. Betsch will receive an annual base salary of $750,000 and a discretionary bonus in respect of calendar year 2022, a portion of which will be granted in the same form of deferred compensation and in comparable proportion as is paid to other executive officers of Group. In addition, as an inducement to accept Group’s offer, and in further consideration of certain restrictions, Ms. Betsch will receive a sign-on bonus equal to $250,000, subject to repayment if Ms. Betsch resigns within 12 months after commencing employment. While providing services to Group and for six months thereafter, Ms. Betsch will be subject to restrictive covenants prohibiting competition with Group or any of its affiliates and solicitation of their clients and employees.

The preceding summary of the Letter Agreement is qualified in its entirety by reference to the Letter Agreement attached as Exhibit 10.1, as though such agreement were fully set forth herein.

There are no arrangements or understandings between Ms. Betsch and any other persons pursuant to which she was selected as Managing Director and Chief Financial Officer of the Company and Group. Further, there are no family relationships between Ms. Betsch and any director or executive officer of the Company or Group. In addition, Ms. Betsch has not been party to any reportable transactions with the Company or Group pursuant to Item 404(a) of the Securities and Exchange Commission Regulation S-K.

A copy of the related press release, dated July 28, 2022, is attached to this report as Exhibit 99.2.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are filed or furnished as part of this Report on Form 8-K:

 

Exhibit Number		Description
10.1		Letter Agreement, dated July 23, 2022, by and between Lazard Group LLC and Mary Ann Betsch
99.1		Press Release issued on July 28, 2022
99.2		Press Release issued on July 28, 2022
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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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 LTD (Registrant)
		By:	/s/ Scott D. Hoffman
		Name:	Scott D. Hoffman
		Title:	Chief Administrative Officer and General Counsel

Dated: July 28, 2022

 

 

Exhibit 10.1

 

 

 

July 23, 2022

 

 

Mary Ann Betsch

 

Dear Ms. Betsch:

 

This letter agreement shall set forth the terms upon which you would join Lazard Group LLC (“Lazard”) as a Managing Director and Chief Financial Officer.

 

1. Position:  Managing Director and Chief Financial Officer, effective on a date not later than October 3, 2022 (the “Effective Date”), subject to (a) your having returned a signed copy of this letter agreement on or prior to the offer expiration date set forth in Section 13 of this letter agreement, and (b) your commencement of services with Lazard on or prior to the Effective Date.  Your primary location of work shall be in Lazard’s New York office, with it being understood that you will travel as reasonably needed to perform the business affairs of your position.

2. Base Compensation:  You will receive a salary at the rate of $750,000 per annum, which will be paid semi-monthly on the business day prior to the 15th and the business day prior to the last day of each month, while you remain employed.  

3. 2022 Bonus:  For calendar year 2022, as long as you remain employed by Lazard on the date that discretionary bonus payments are made to Lazard employees in respect of calendar year 2022 and have not given notice of resignation, you will receive a payment as if you were employed by Lazard for the entirety of 2022 that appropriately reflects the amount that people in comparable positions with comparable experience are paid, as well as your contributions to Lazard (the “2022 Bonus”). Subject to the terms of the Lazard Ltd 2018 Incentive Compensation Plan, as it may be amended from time to time, or any successor plan thereto (the “Equity

 

 

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July 23, 2022

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Plan”), a portion of the 2022 Bonus shall be granted in the same form of deferred compensation and in comparable proportion as is paid to other Lazard executive officers, on the basis of the actual compensation paid or granted to you (upon the execution of one or more award agreements in customary form, including with respect to vesting), and the remaining portion of the 2022 Bonus will be issued in cash.  

4. Sign-on Bonus:  In connection with your commencement of service with Lazard, as an inducement for you to accept our offer, for the additional restrictions on which you agreed with your current employer and in further consideration of the restrictions set forth in Section 6, you will be paid a sign-on bonus of $250,000 in cash within 30 days of your commencement of employment.  In the event that you resign within 12 months of commencing employment, you agree to promptly refund the full amount of the sign-on bonus.  

5. Status as “At Will” Employee: At all times, you will be treated as an “at will” employee who can be terminated at any time for any reason or no reason at all.  Notwithstanding the foregoing, you agree to provide Lazard with three months’ written notice of your intent to terminate your employment with Lazard.

6. Non Competition; Non Solicitation of Clients and Employees: You agree that while employed by Lazard and thereafter until six months after you leave Lazard for any reason, you shall not, directly or indirectly, on your behalf or on behalf of any other person, firm, corporation, association or other entity, as a Managing Director, employee, director, advisor, partner, consultant or otherwise, provide services or perform activities for, or acquire or maintain any ownership interest in, a “Competitive Enterprise.”  For purposes of this agreement, “Competitive Enterprise” shall mean a business (or business unit) that (x) engages in any activity or (y) owns or controls a significant interest in any entity that engages in any activity, that in either case, is similar to an activity in which Lazard or any of its affiliates (collectively, the “Firm”) is engaged up to and including your departure date from Lazard (a “Competitive Activity”).  You also agree that while employed by Lazard and thereafter until six

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July 23, 2022

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months after you leave Lazard for any reason, you shall not, directly or indirectly, (i) solicit a Client to transact business with a Competitive Enterprise in respect of a Competitive Activity or to reduce or refrain from doing any business with the Firm, or (ii) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and a Client.  For purposes of this agreement, the term “Client” means any client or prospective client of the Firm to whom you provided services, or for whom you transacted business, or to whom you knew that other individuals associated with the Firm had provided services, whether or not the Firm has been engaged by such Client pursuant to a written agreement; provided that an entity which is not a client of the Firm shall be considered a “prospective client” for purposes of this sentence only if the Firm made a presentation or written proposal to such entity during the 12-month period preceding your termination date or was preparing to make such a presentation or proposal at the time of your termination.  In addition, you agree that while employed by Lazard and thereafter until six months after you leave Lazard for any reason, you shall not, directly or indirectly, for yourself or on behalf of any third party at any time in any manner, solicit, hire, or otherwise cause any employee (including, without limitation, managing directors), officer or agent of Lazard or any of its affiliates to apply for, or accept employment with, any Competitive Enterprise, or to otherwise refrain from rendering services to Lazard or any of its affiliates or to terminate his or her relationship, contractual or otherwise, with Lazard or any of its affiliates, other than in response to a general advertisement or public solicitation not directed specifically to employees of Lazard or any of its affiliates.  For purposes of this agreement, the term “solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, persuading, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action.

7. Benefits: You will be eligible for health and other insurance benefits coverage with Lazard on your first day of active employment.  Coverage will be contingent upon completion of your online enrollment within 31 days from your first

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July 23, 2022

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day of active employment, and will be subject to all terms and conditions generally applicable to Lazard employees.

8. No Conflicts; Obligations to Current Employer: You represent that the execution of this agreement and the performance by you of your obligations under this agreement will not conflict with, or result in the breach of, any agreement to which you are a party as of the Effective Date.  You covenant and agree that you have not breached and will not breach any covenant, obligation or other contractual or similar duty to your current employer, including, without limitation, any applicable confidentiality, notice, non-competition, non-solicitation of clients/prospective clients and/or non-solicitation of employees obligations.  Without limiting the foregoing, you agree that you will not retain, convey to Lazard or use in connection with your work for Lazard any confidential or proprietary information of any person or entity obtained in connection with your services to your current employer.  You also represent and warrant that you have provided or will provide to Lazard documentation of any applicable post-employment obligations and/or restrictions.  This offer of employment is contingent on your compliance with this provision.

 

9. Withholding:  Lazard may withhold from any amounts payable under this agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

10. Integration:  You represent and warrant that, in accepting this offer, you are not relying on any representations to you by Lazard regarding this offer of employment or the terms and conditions of your anticipated employment except as expressly set forth in this letter agreement.  This letter agreement contains the entire understanding and agreement between you and Lazard concerning this offer of employment and the terms and conditions of your anticipated employment, and supersedes all prior agreements, understandings, discussions, negotiations, and undertakings, whether written or oral, between you and Lazard.  The terms of this

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letter agreement may not be amended orally.  The terms of this letter agreement may only be amended if such an amendment is agreed to in writing and is signed by you and Lazard.

11. Registration:  To the extent that you have not already done so, it is a condition of your continued employment that you take and pass all required exams as soon as practicable, as directed by Lazard.

12. Governing Law; Arbitration:  This letter agreement and any claim related directly or indirectly to this letter agreement shall be governed and construed in accordance with the laws of the State of New York (without giving regard to the conflicts of law provisions thereof).  All disputes, controversies and claims arising out of or relating to this letter agreement or any breach or termination or alleged breach or termination of this letter agreement shall be submitted to binding arbitration administered by JAMS in New York before a single arbitrator and pursuant to the rules of JAMS then in effect (except as otherwise required by law).

13. Conditions of Offer:  This letter constitutes an offer of employment with Lazard on the terms and conditions contained herein.  This offer will remain open until 12:00 pm on July 26, 2022, and you may accept it, and it shall become a binding agreement between us, by returning an executed copy of this letter to Lazard no later than that time.  You should retain the second copy for your files.  Notwithstanding anything else contained herein, this employment offer is made contingent upon your passing a pre-employment investigative background check and credit check (if applicable).  In addition, in order to satisfy immigration laws, your employment with Lazard is also conditional upon your presentation of appropriate documentation verifying your lawful ability to work in the United States.  We request that you present such documents on your first day of employment.  The attached sheet outlines the documents required.  Even if your employment begins before the results of any or all of these requirements are available to Lazard, your employment and the terms of this letter agreement remain contingent upon the timely and satisfactory completion of

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these requirements.  In the event that your employment does not commence or is terminated because the results of Lazard’s standard background checks and procedures are unsatisfactory, this letter agreement shall be null and void ab initio and of no further effect, and Lazard shall have no further obligation to you under this letter agreement or otherwise.  Subject to the satisfaction of the conditions set forth herein and provided that prior to the Effective Date you have not done anything that would serve as the basis for a termination for cause, your employment under this letter agreement will commence on the Effective Date.

Please do not hesitate to contact me at 212-632-6106 if you have any questions.

 

 

AGREED TO AND ACCEPTED:

 

 

Exhibit 99.1

 

 

LAZARD LTD REPORTS

SECOND-QUARTER AND FIRST-HALF 2022 RESULTS

 

 

NEW YORK, July 28, 2022 – Lazard Ltd (NYSE: LAZ) today reported operating revenue¹ of $676 million for the quarter ended June 30, 2022. Net income, as adjusted², was $96 million, or $0.92 per share (diluted) for the quarter. On a U.S. GAAP basis, second-quarter 2022 net income was $95 million, or $0.92 per share (diluted).

 

First-half 2022 net income, as adjusted, was $211 million, or $1.97 per share (diluted). On a U.S. GAAP basis, first-half 2022 net income was $209 million, or $1.97 per share (diluted).

 

“Our results demonstrate the resilience, diversification and discipline of our business model, and we are well-positioned for the current economic environment,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “We continue to invest for growth while remaining focused on delivering innovative client solutions, generating significant cash flow and returning capital to shareholders.”

 

 

Note: Endnotes are on page 7 of this release. A reconciliation of adjusted GAAP to U.S. GAAP is on pages 14-15.

 

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OPERATING REVENUE

 

Operating revenue¹ was $676 million for the second quarter of 2022, and $1,375 million for the first half of 2022, 18% and 6% lower, respectively, from the comparable 2021 periods.

 

Financial Advisory

 

Our Financial Advisory results include M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients.

 

For the second quarter of 2022, Financial Advisory operating revenue was $407 million, 14% lower than the second quarter of 2021.

 

For the first half of 2022, Financial Advisory operating revenue was $795 million, 1% higher than the first half of 2021.

 

During and since the second quarter of 2022, Lazard has been engaged in significant and complex M&A transactions and other advisory assignments globally, including the following (clients are in italics): Vivendi's €3.6 billion tender offer for Lagardère; Resource REIT’s $3.7 billion sale to Blackstone Real Estate Income Trust; Oi's BRL 20.0 billion fiber assets carve-out to a BTG Pactual-led consortium; Ferro Corporation's $2.1 billion sale to Prince International; Tivity Health's $2.0 billion acquisition by Stone Point Capital; Sierra Oncology's $1.9 billion sale to GSK; Alpargatas’ strategic partnership and investment in Rothy's; Beeline’s investment from Stone Point Capital; and Q-Energy’s sale of its GW renewable platform to Verbund AG.

 

Lazard has one of the world’s preeminent restructuring practices. During and since the second quarter of 2022, we have been engaged in a broad range of visible and complex restructuring and debt advisory assignments for debtors or creditors, including roles involving: Alto Maipo S.P.A.; Andrade Gutierrez; Brazos Electric Power Cooperative; Corp Group Banking S.A.; GenapSys; Grupo GICSA; HEXO; Imagina Media Audiovisual; Nordic Aviation Capital; Rockall Energy; Stoneway Capital; and Vue Entertainment.

 

Our Capital and Shareholder Advisory practices remain active globally, advising on a broad range of public and private assignments. Our Sovereign Advisory practice continues to be active advising governments, sovereign and sub-sovereign entities across developed and emerging markets.

 

For a list of publicly announced Financial Advisory transactions on which Lazard advised in the second quarter of 2022, or continued to advise or completed since June 30, 2022, please visit our website at www.lazard.com/businesses/transactions.

 

 

 

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Asset Management

 

In the text portion of this press release, we present our Asset Management results as 1) Management fees and other revenue, and 2) Incentive fees.

 

For the second quarter of 2022, Asset Management operating revenue was $266 million, 23% lower than the second quarter of 2021. For the first half of 2022, Asset Management operating revenue was $577 million, 14% lower than the first half of 2021.

 

For the second quarter of 2022, management fees and other revenue was $258 million, 16% lower than the second quarter of 2021, and 10% lower than the first quarter of 2022. For the first half of 2022, management fees and other revenue was $545 million, 10% lower than the first half of 2021.

 

Average assets under management (AUM) for the second quarter of 2022 was $230 billion, 17% lower than the second quarter of 2021, and 10% lower than the first quarter of 2022. Average AUM for the first half of 2022 was $243 billion, 9% lower than the first half of 2021.

 

AUM as of June 30, 2022, was $217 billion, down 14% from March 31, 2022, and down 22% from June 30, 2021. The sequential decrease from March 31, 2022 was driven by market depreciation of $23.2 billion, foreign exchange depreciation of $8.2 billion and net outflows of $4.6 billion.

 

For the second quarter of 2022, incentive fees were $7 million, compared to $34 million for the second quarter of 2021. For the first half of 2022, incentive fees were $33 million, compared to $67 million for the first half of 2021.

 

 

OPERATING EXPENSES

 

Compensation and Benefits

 

In managing compensation and benefits expense, we focus on annual awarded compensation (cash compensation and benefits plus deferred incentive compensation with respect to the applicable year, net of estimated future forfeitures and excluding charges), a non-GAAP measure. We believe annual awarded compensation reflects the actual annual compensation cost more accurately than the GAAP measure of compensation cost, which includes applicable-year cash compensation and the amortization of deferred incentive compensation principally attributable to previous years’ deferred compensation. We believe that by managing our business using awarded compensation with a consistent deferral policy, we can better manage our compensation costs, increase our flexibility in the future and build shareholder value over time.

 

For the second quarter of 2022, we accrued compensation and benefits expense at an adjusted compensation¹ ratio of 58.5%, compared to the second-quarter 2021 ratio of 59.5%. This resulted in $395 million of compensation and benefits expense, compared to $489 million for the second quarter of 2021.

 

For the first half of 2022, adjusted compensation and benefits expense¹ was $804 million, compared to $874 million for the first half of 2021.

 

 

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We manage our compensation and benefits expense based on awarded compensation with a consistent deferral policy. We take a disciplined approach to compensation, and our goal is to maintain a compensation-to-operating revenue ratio over the cycle in the mid- to high-50s percentage range on both an awarded and adjusted basis, with consistent deferral policies.

 

 

Non-Compensation Expense

 

Adjusted non-compensation expense¹ for the second quarter of 2022, was $131 million, 10% higher than the second quarter of 2021. The increase primarily reflects higher marketing and business development expenses and technology investments. The ratio of adjusted non-compensation expense to operating revenue for the second quarter of 2022 was 19.4%, compared to 14.5% for the second quarter of 2021.

 

Adjusted non-compensation expense¹ for the first half of 2022 was $248 million, 12% higher than the first half of 2021. The ratio of adjusted non-compensation expense to operating revenue for the first half of 2022 was 18.0%, compared to 15.1% for the first half of 2021.

 

Our goal remains to achieve an adjusted non-compensation expense-to-operating revenue ratio over the cycle of 16% to 20%.  

 

 

TAXES

 

The provision for taxes, on an adjusted basis¹, was $34 million for the second quarter and $73 million for the first half of 2022. The effective tax rate on the same basis was 26.4% for the second quarter and 25.9% for the first half of 2022, compared to 25.2% and 26.7% for the respective 2021 periods.

 

 

CAPITAL MANAGEMENT AND BALANCE SHEET

 

Our primary capital management goals include managing debt and returning capital to shareholders through dividends and share repurchases.

 

In the second quarter of 2022, Lazard returned $246 million to shareholders, which included: $46 million in dividends; $199 million in share repurchases of our common stock; and $1 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

 

In the first half of 2022, Lazard returned $526 million to shareholders, which included: $93 million in dividends; $375 million in share repurchases of our common stock; and $58 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

 

During the first half of 2022, we repurchased 10.6 million shares, which included 5.9 million shares repurchased in the second quarter. On July 27, 2022, our Board of Directors authorized additional share repurchases of up to $500 million, which expires as of December 31, 2024, bringing our total outstanding share repurchase authorization to $559 million.

 

 

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In addition, on July 27, 2022, our Board of Directors voted to increase the quarterly dividend on Lazard’s outstanding common stock by 6% to $0.50 per share. The dividend is payable on August 19, 2022, to stockholders of record on August 8, 2022.

 

Lazard’s financial position remains strong. As of June 30, 2022, our cash and cash equivalents were $907 million, and stockholders’ equity related to Lazard’s interests was $716 million.

 

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CONFERENCE CALL

 

Lazard will host a conference call at 8:00 a.m. EDT on July 28, 2022, to discuss the company’s financial results for the second quarter and first half of 2022. The conference call can be accessed via a live audio webcast available through Lazard’s Investor Relations website at www.lazard.com, or by dialing 1 800-420-1271 (U.S. and Canada) or +1 785-424-1603 (outside of the U.S. and Canada), 15 minutes prior to the start of the call.

 

A replay of the conference call will be available by 10:00 a.m. EDT, July 28, 2022, via the Lazard Investor Relations website at www.lazard.com, or by dialing 1 (888) 215-1280 (U.S. and Canada) or +1 (402) 220-4937 (outside of the U.S. and Canada).

 

 

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ABOUT LAZARD

 

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 41 cities across 26 countries in North, Central and South America, Europe, Asia and Australia. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.

 

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Cautionary Note Regarding Forward-Looking Statements:

 

This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “could”, “would”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “target,” “goal”, or “continue”, and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements, including with respect to the current COVID-19 pandemic, are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.

 

These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A “Risk Factors,” and also discussed from time to time in our reports on Forms 10-Q and 8-K, including the following:

 

 

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.

 

Lazard Ltd is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, Lazard’s Twitter account (twitter.com/Lazard) and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.

 

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ENDNOTES  

¹ A non-U.S. GAAP measure. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis, in addition to the U.S. GAAP results, is the most meaningful and useful way to compare our operating results across periods.

 

² Second-quarter and first-half 2022 adjusted results¹ exclude pre-tax charges of $0.9 million and $2.0 million, respectively, relating to office space reorganization. On a U.S. GAAP basis, these resulted in a net charge of $0.6 million, or $0.01 (diluted) per share, for the second quarter, and a net charge of $1.4 million, or $0.01 (diluted) per share, for the first half of 2022.

 

 

 

LAZ-EPE

 

 

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16

Exhibit 99.2

 

 

 

LAZARD NAMES MARY ANN BETSCH CHIEF FINANCIAL OFFICER

 

NEW YORK, July 28, 2022 – Lazard Ltd (NYSE: LAZ) announced today that Mary Ann Betsch will join the firm as Chief Financial Officer (CFO), effective October 3. She succeeds Evan L. Russo, who has served as CFO since 2017, and who became Chief Executive Officer of Lazard’s Asset Management business on June 1, 2022.

“With over two decades of relevant financial services experience, Mary Ann has the financial and strategic acumen, leadership skills, and knowledge of our business to serve as our firm’s CFO and to lead our finance team,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “She will enhance our senior leadership, working closely with me, our business leaders and Lazard’s board of directors to serve all of our stakeholders.”

Ms. Betsch joins Lazard from Citadel, where she helped lead the finance and accounting function for the past four years. She began her career over 20 years ago at PwC, where she held audit and advisory roles, serving global investment banks and other financial institutions. In 2013, she joined a two-year fellowship program supported by the Federal Reserve Board’s Chief Accountant, returning to PwC as a partner in 2015.  She earned a B.S. in Public Accounting at Fordham University, summa cum laude, and is a Certified Public Accountant.

About Lazard

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 41 cities across 26 countries in North, Central and South America, Europe, Asia and Australia. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard

 

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