Evercore’s Schlosstein Sees ‘Huge Growth Opportunities’ in Tech
(Bloomberg) -- Ralph Schlosstein, who plans to step down as Evercore Inc.’s co-chairman and co-chief executive officer in February, said his firm is poised to expand, especially in technology banking.
“We have huge growth opportunities, filling in the white space, both geographically and by industry,” Schlosstein said Wednesday in an interview on Bloomberg Television’s “Balance of Power With David Westin.”
Schlosstein, who will also resign from the board but remain as chairman emeritus, said the firm under his tenure expanded well beyond merger-advisory work, relying on building a culture around what he called “A-plus” bankers and a “no jerks” policy.
“We’ve become a talent-development company,” said Schlosstein, who moved to Evercore in 2009. “When I joined, less than 10% of our partners were promoted from within. Today, 40% of our partners are promoted from within.”
John Weinberg will take over as sole chairman and CEO when Schlosstein, 70, steps down on Feb. 25, the New York-based company said in a statement.
Weinberg -- a scion of the family that ran Goldman Sachs Group Inc. for most of its existence -- was tapped as Evercore’s executive chairman in 2016. He was named to his most recent roles last year. Schlosstein had said previously that whenever he stepped down, Weinberg, 64, would be sole CEO.
The firm in May named Celeste Mellet Brown as the investment bank’s first female chief financial officer. Her appointment followed the promotion of three senior managing directors late last year to co-head the advisory business, part of a move to install the next generation of leadership.
Roger Altman, who founded the company in 1996, said Weinberg has co-led Evercore with integrity.
“He is deeply respected by clients and colleagues alike for his principled approach, innovative thinking and thoughtful leadership,” Altman said in the statement. “John is the right CEO for Evercore’s next chapter, and I look forward to continuing to work closely with him.”
In recent years, Evercore’s deal fees have surpassed those collected by Wall Street titans including Citigroup Inc. and Bank of America Corp.
©2021 Bloomberg L.P.