Ken Moelis Announces Transition in Leadership at Moelis & Co.

Ken Moelis is set to step down as CEO of Moelis & Co, passing leadership to Navid Mahmoodzadegan, in a transition effective from October 1. Moelis will assume the role of executive chair, according to the bank's statement on Monday. Jeff Raich, co-founder and co-president, will become executive vice chair.

This marking of a new era for the bank comes after Moelis's sole leadership since its inception in 2007. The seasoned dealmaker, known for his 40-year career and connections on Wall Street, had served notable clients, including U.S. President Donald Trump, and held senior positions at UBS. Moelis & Co is renowned for its advisory focus, setting it apart from traditional banks.

Founding CEOs often present succession challenges due to personal influence. However, Moelis is confident about the smooth transition. Announcing the change in an interview with the Wall Street Journal, Moelis emphasized the strategic timing to promote a new generation of leadership, reflecting a broader vision for growth.

(With inputs from agencies.)