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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Safran    SAF   FR0000073272

SAFRAN

(SAF)
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Safran : Star French banker Pigasse resigns from Lazard

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10/20/2019 | 05:28pm EST
FILE PHOTO: French Businessman and Lazard France CEO Matthieu Pigasse poses during an interview with Reuters in Paris

PARIS (Reuters) - French banker Matthieu Pigasse is to leave Lazard after 17 years to pursue a new entrepreneurial project, an exit that will see the firm lose one of its biggest rainmakers.

By Gwénaëlle Barzic

For Lazard, Pigasse has led the world's largest sovereign debt restructurings in Greece, Argentina and Ukraine, as well as multi-billion mergers such as those between Unibail-Rodamco and Westfield, Sanofi and Boehringer Ingelheim, Safran and Zodiac.

"I am excited to begin my next chapter beyond investment banking in a new entrepreneurial project," Lazard cited Pigasse as saying.

Pigasse has been reflecting on his future for about eight months, a source close to the banker said, adding that he took the decision only in the last few days. Lazard did not want to let him go, the source said, but Pigasse needed a new challenge.

His departure follows rumours about the future of the flamboyant 51-year-old Pigasse, a punk rock aficionado who has deep relationships with members of the French establishment.

Reuters reported earlier this month that he had talked to several U.S. boutique investment banks.

In May this year, Lazard announced a reshuffle of its senior leadership, with Pigasse named global head of banking and deputy CEO of financial advisory, while also retaining his job as chairman and chief executive of Lazard France.

Lazard CEO Kenneth Jacobs said at the time that Pigasse was "central to our success in France and elsewhere" and that his new focus would be to help the firm's new CEO of financial advisory, Peter Orszag, win more business globally.

"It was not my decision, it was Matthieu's decision (to resign)," Jacobs, who is in Paris, told Reuters on Sunday in a statement sent via a Lazard spokesperson.

Pigasse is well-known in Paris business and media circles due to his shareholding in newspaper Le Monde and business interests in Radio Nova and Les Inrockuptibles cultural magazine.

He joined Lazard as a managing director in 2002, becoming its youngest ever partner.

The bank said it would announce a new leadership team in France shortly.

(Reporting by Gwenaelle Barzic; Writing by Maya Nikolaeva; Editing by Angus MacSwan and Daniel Wallis)

By Gwénaëlle Barzic

Stocks mentioned in the article
ChangeLast1st jan.
SAFRAN -0.23% 148.65 Real-time Quote.41.03%
SANOFI -1.54% 83.11 Real-time Quote.9.85%
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Financials (EUR)
Sales 2019 24 475 M
EBIT 2019 3 707 M
Net income 2019 2 607 M
Debt 2019 3 863 M
Yield 2019 1,47%
P/E ratio 2019 24,7x
P/E ratio 2020 22,1x
EV / Sales2019 2,77x
EV / Sales2020 2,56x
Capitalization 64 021 M
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Technical analysis trends SAFRAN
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 146,76  €
Last Close Price 148,65  €
Spread / Highest target 13,7%
Spread / Average Target -1,27%
Spread / Lowest Target -29,4%
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