Form 4: Lazard CEO of Asset Management, Evan L. Russo, Executes Stock Transactions

Evan L. Russo, CEO of Asset Management at Lazard, Inc., reports the acquisition and disposal of Lazard's common stock and performance-based restricted participation units.

Summary

• On March 11, 2024, Evan L. Russo acquired 168,539 shares of Lazard common stock through the exchange of performance-based restricted participation units (PRPUs).
• Also on March 11, 2024, Russo disposed of 75,000 shares to cover estimated taxes related to the PRPU exchange at a price of $39.2 per share.
• On March 13, 2024, Russo sold an additional 75,000 shares at a weighted average price of $39.35 per share, with individual transactions ranging from $39.25 to $39.50.
• Following these transactions, Russo directly owns 227,448 shares of Lazard common stock, excluding indirectly held shares and restricted participation units.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing stock transactions, which carries a neutral sentiment.

Industry Context

This filing is a routine disclosure of stock transactions by a company executive, which is common in the financial industry. It provides transparency into the executive's holdings and trading activities.

Comparison to Industry Standards

• Form 4 filings are standard practice for executives at publicly traded companies like Lazard, similar to filings made by executives at Goldman Sachs, Morgan Stanley, and other financial institutions.
• The transactions are typical for executives managing their equity compensation and tax obligations, aligning with common practices observed across the industry.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the change in ownership by a key executive.
• The sale of shares to cover taxes is a common practice and unlikely to significantly affect the company's operations or financial stability.

Key Dates