Since the appointment of Kenneth Jacobs as the firm’s new chief executive officer, Lazard has attracted a younger generation of bankers to succeed Bruce Wasserstein, the former CEO of Lazard who passed away October of last year.

Jacobs, who is now 51 years old, earned the position of CEO against interim Steven Golub, who was a highly recommended contender for the spot. He was also chosen over 52-year old Gary Parr, who is the head of the financial institutions group of the firm and was employed by Morgan Stanley as an affiliate of Wasserstein’s endeavors to revive the business following consecutive defections in the past 10 years. Parr later became a member of the firm’s board.

By selecting Kenneth Jacobs, the Lazard board has pursued with a banker who has lived through the setbacks that endangered the firm shortly before Bruce Wasserstein became CEO in 2002.

When Wasserstein was still the company head, Jacobs was on Lazard’s executive committee. He was able to witness the former CEO’s reformation efforts that helped discontented bankers by providing them with equity in the firm.

Now, Jacobs, who has been in the firm for 22 years, is the current chief executive of Lazard North America. Prior to that, he was a Goldman Sachs banker. Jacobs was a University of Chicago graduate who earned a degree in economics and is currently the school’s trustee.

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