Nigel Dawn and Naveen Nataraj will ascend to the tier below the top executive, but one may have to wait to take the reins: CEO John Weinberg agreed to stay at least three more years.

Evercore appears to have set up a CEO succession line, naming two executives as co-president, the investment bank announced Sunday.

Nigel Dawn, the bank’s global head of private capital advisory, and Naveen Nataraj, co-head of U.S. investment banking, will take the co-president roles Jan. 1, Evercore said in a release.

But Chairman and CEO John Weinberg isn’t going anywhere soon: the Evercore chief agreed to serve at least three more years in his roles.

That may slightly dim Dawn’s prospects of succeeding Weinberg. He’s 62, whereas Nataraj is 51.

Nataraj’s fellow U.S. investment banking co-heads will have new roles, too. Daniel Mendelow will become Evercore’s sole head of U.S. investment banking. Jason Sobol, also a U.S. investment banking co-head, will become chair of the unit.

“We need additional management because the firm is so much bigger and broader,” Evercore founder and Senior Chairman Roger Altman told the Financial Times. “About 10 years ago, most of our revenues were [mergers and acquisitions]-related. And now they’re roughly half.”

The investment bank’s market capitalization has surpassed $10 billion, the publication reported, noting that Evercore’s returns since 2017 total more than 350%, including stock price and dividends.

“These are two very, very talented people,” Altman said of Dawn and Nataraj. “But has a decision been made on ultimate succession?

Source link