Lazard CEO & chairman Peter Orszag sells $5.44m in company stock

Lazard CEO and Chairman Peter Orszag sold 125,000 shares of the company's common stock for approximately $5.44 million on August 25, 2026. The transaction occurred under a Rule 10b5-1 trading plan that Orszag established in March 2025 to handle estimated taxes and personal expenses. The shares were sold at an average price of $43.5203, with individual trades ranging from $43.14 to $43.93.

Prior to the sale, Orszag bought 250,000 shares of Lazard common stock on August 24, 2026, using Stock Price Profits Interest Participation Rights (SP-PIPRs) that he earned upon satisfying service and other conditions. This purchase was followed by a sale of 75,000 shares to Lazard, Inc. to cover tax obligations related to the SP-PIPR exchange.

After these transactions, Orszag directly holds 260,942 shares of Lazard common stock, along with 1,000,000 unvested SP-PIPRs. Upon vesting, 500,000 of these SP-PIPRs will be exchanged for shares around August 23, 2028, and another 500,000 by August 23, 2030, contingent on continued service and a stock price milestone. Lazard reported its second-quarter 2026 financial results, with adjusted net revenue of $786 million, exceeding Wall Street's estimate of $744.98 million.

This growth was attributed to stronger advisory activity and solid asset management results. Despite falling short of adjusted earnings per share forecasts at $0.12, which were lower than the $0.36 forecast, Lazard's Market Outperform rating was maintained by Citizens, with a $60 price target.