- Push-out Score determined
- After less than four years in the position
- Accolades for Weinberg
- Andrew Bednar taking over
- Weinberg will remain as Chairman at Perella Weinberg
- Weinberg said 64 words
(exechange) — New York, September 26, 2022 — Peter Weinberg, chief executive of Perella Weinberg, leaves his position. As announced by Perella Weinberg Partners in a news release and in a regulatory filing published on Monday, September 26, 2022, Peter A. Weinberg leaves his post as chief executive officer at the advisory firm, after less than four years in the role, effective January 1, 2023.
Peter Weinberg’s duties as CEO will be taken over by Andrew Bednar, currently Co-President at Perella Weinberg Partners.
No reason given
In the announcement, Perella Weinberg did not explicitly explain the reason for the move.
Weinberg will remain as Chairman at Perella Weinberg
“Mr. Weinberg will continue to serve as the Chairman of the Board of Directors and Chairman of the working partner committee that controls the Company’s high-vote stock. He is also excited to return his focus primarily to working with clients and prospects of the Firm around the world,” Perella Weinberg said.
Perella Weinberg said: “Peter Weinberg has informed the Board of Directors of his intention to step down from his role as CEO, effective January 1, 2023.”
Perella Weinberg further said: “On September 23, 2022, Peter A. Weinberg, Chairman of the Board of Directors (the “Board”) of Perella Weinberg Partners (“PWP” or the “Company”) and Chief Executive Officer of the Company, informed the Board of his intention to step down from his role as Chief Executive Officer of the Company, effective January 1, 2023.”
Share price decline since September 2021
The announcement follows a decline in Perella Weinberg Partners’s share price of 49% since September 2021.
In the position of CEO since 2019
Peter Weinberg became CEO of the Company in 2019.
Peter A. Weinberg has served as the Company’s Chairman and Chief Executive Officer since the closing of the Business Combination in June 2021.
Weinberg is a Founding Partner of PWP and has served as PWP’s Chief Executive Officer since the PWP Separation.
On February 28, 2019, the Company effected the separation of its advisory business from the asset management business.
Weinberg has over 35 years of investment banking experience.
Prior to co-founding PWP in 2006, Weinberg was the Chief Executive Officer of Goldman Sachs International in London from 1999 to 2005 and served on the firm’s Management Committee and led the European Management Committee.
At Goldman Sachs, where he began his career in 1988, Weinberg served as co-head of the Global Investment Banking Division, co-head of the Partnership Committee and he founded the Financial Sponsors Group.
Weinberg earned a Bachelor of Arts from Claremont McKenna College and a Master’s in Business Administration from Harvard Business School.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Peter Weinberg’s move on a scale of 0 to 10.
exechange reached out to Perella Weinberg and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2022 ($).