- Push-out Score determined
- After almost 13 years in the position
- Accolades, praise and thanks for Schlosstein
- Dual Chief Executive Officer role eliminated
- John Weinberg becomes sole Chief Executive Officer
- Schlosstein will remain as Chairman Emeritus at Evercore
- Schlosstein spoke at length and said 137 words
(exechange) — New York, October 27, 2021 — Ralph Schlosstein, co-chief executive of Evercore, leaves his position. As announced by Evercore Inc. in a news release and in a regulatory filing published on Wednesday, October 27, 2021, Ralph L. Schlosstein leaves his post as co-chief executive officer at the investment bank, after almost 13 years in the role, effective February 25, 2022.
Evercore eliminates the dual Chief Executive Officer role. John S. Weinberg will be sole Chief Executive Officer.
No reason given
In the announcement, Evercore did not explicitly explain the reason for the move.
Schlosstein will remain as Chairman Emeritus at Evercore
“Mr. Schlosstein will also resign from the Board of Directors, effective February 25, 2022, but will remain with Evercore as Chairman Emeritus, working with Evercore’s advisory and institutional investor clients and advising senior management,” Evercore said.
Evercore said: “Ralph Schlosstein will step down as Co-Chairman and Co-Chief Executive Officer, effective February 25, 2022, a role that he has shared with John Weinberg since July 2020. Mr. Weinberg will become the sole Chairman of the Board of Directors and Chief Executive Officer at that time.”
Evercore further said: “On October 26, 2021, Ralph L. Schlosstein notified the Board of Directors (the “Board”) of Evercore Inc. (the “Company”) that he will be stepping down as the Co-Chairman of the Board and Co-Chief Executive Officer of the Company, and resigning from the Board, effective as of February 25, 2022.”
Share price increase since October 2016
The announcement follows an increase in Evercore Inc.’s share price of 216% since October 2016.
In the position of CEO since 2009
Ralph Schlosstein became CEO of the Company in 2009.
Prior to becoming Co-Chairman and Co-CEO, Schlosstein served as President and Chief Executive Officer since May 2009 when he joined the Firm.
Ralph L. Schlosstein was appointed as Co-Chairman of the Board and Co-CEO of Evercore on July 15, 2020, after serving as the Company’s CEO and President since May 22, 2009.
Prior to joining Evercore, Schlosstein was the Chief Executive Officer of HighView Investment Group, an alternative investment management firm.
Prior to forming HighView in 2008, Schlosstein was, for almost 20 years, the President of BlackRock, the largest asset management firm in the world.
Schlosstein co-founded BlackRock in 1988, was a director from the time it went public in 1999 until 2007, chaired BlackRock’s management committee, and served on its executive committee and its investment committee.
Prior to founding BlackRock in 1988, Schlosstein was a managing director in Investment Banking at Lehman Brothers.
From 1977 to 1981, Schlosstein worked for the federal government.
Initially, he was deputy to the Assistant Secretary of the Treasury Department.
In mid-1977, he became Associate Director of The White House Domestic Policy Staff where he was responsible for advising President Carter on urban policy, economic development and housing issues, as well as the Chrysler loan guarantee program.
From 1974 to 1977, Schlosstein was an economist for the Congressional Joint Economic Committee.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Ralph Schlosstein’s move on a scale of 0 to 10.
Read the full story in the exechange report 44.2021 ($).