Andrew Alper
LazardAbout Andrew M. Alper
Andrew M. Alper, 67, is an independent director of Lazard, Inc., serving since October 2012. He chairs the Compensation Committee and also serves on the Audit Committee, bringing deep financial services operating experience and public-sector leadership to the board. Alper is Chairman of Alper Investments, Inc.; previously he was Chairman & CEO of EQA Partners (2006–2013), President of the NYC Economic Development Corporation and Chair of the NYC Industrial Development Agency (2002–2006), and spent 21 years in Goldman Sachs’ Investment Banking Division, including as IBD COO (1997–2000) and Co-Head of FIG (1994–1997). He is a trustee of the University of Chicago, University of Chicago Medical Center, and Mount Sinai Medical Center in New York .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| EQA Partners, LP | Chairman & CEO | Oct 2006 – Jan 2013 | Led a global macro strategy investment firm |
| NYC Economic Development Corporation | President | Feb 2002 – Jun 2006 | Appointed by Mayor Bloomberg; also Chair of the NYC Industrial Development Agency |
| Goldman, Sachs & Co. (Investment Banking) | Chief Operating Officer, IBD | 1997 – 2000 | Oversaw IBD operations; 21 years in IBD overall |
| Goldman, Sachs & Co. (Investment Banking) | Co-Head, Financial Institutions Group | 1994 – 1997 | Senior FIG leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Chicago | Trustee; Former Chairman | Trustee (current); Chair Jun 2009 – May 2015 | Ongoing board service at alma mater |
| University of Chicago Medical Center | Trustee | Current | Healthcare governance experience |
| Mount Sinai Medical Center (NY) | Trustee | Current | Nonprofit healthcare board service |
Board Governance
- Independence and tenure: The board determined all directors other than the CEO are independent under NYSE and Lazard standards; Alper is independent. He has served on Lazard’s board since October 2012 .
- Committee assignments and activity (2024 meetings): Alper chairs the Compensation Committee (8 meetings in 2024) and is a member of the Audit Committee (5 meetings in 2024) .
- Attendance and engagement: Overall board/committee attendance averaged over 95% in 2024; each current director attended at least 86% of meetings. As Compensation Committee Chair, Alper participated in 90% of engagement meetings with top 25 institutional shareholders during the 2024 outreach cycle .
- Board structure and independence practices: Eight of nine directors are independent; all committees are fully independent. The board uses a Lead Independent Director and holds regular executive sessions without management .
Fixed Compensation
| Component | Lazard Non‑Employee Director Program (2024) | Andrew M. Alper – 2024 Actual |
|---|---|---|
| Annual cash retainer | $126,000 | $144,110 (elected to defer into DSUs; shown as “Fees Earned or Paid in Cash” per SEC presentation) |
| Annual DSU grant | $154,000 grant-date value | $176,006 (4,375 DSUs granted on Jun 3, 2024) |
| Committee chair retainer | $20,000 (Audit Chair $30,000) paid 45% cash/55% DSUs | Compensation Committee Chair (eligible for $20,000) |
| Committee member retainer | $15,000 (Audit member $20,000) paid 45% cash/55% DSUs | Audit Committee member (eligible for $20,000) |
| Lead Independent Director | $50,000 (not applicable to Alper) | — |
| Total director compensation (2024) | — | $320,116 (Cash/DSUs presentation per SEC rules) |
Notes:
- Directors may elect to receive additional DSUs in lieu of some or all cash; Alper elected to defer, receiving 3,306 DSUs valued at $144,110 for cash deferrals in 2024 (presented in “Fees Earned or Paid in Cash” per SEC guidance). DSUs convert 1-for-1 to common stock after board service ends and accrue cash dividend equivalents .
Performance Compensation
| Item | Details |
|---|---|
| Performance metrics tied to director pay | None disclosed; non‑employee director equity is delivered as DSUs with time-based service; no performance conditions are applied . |
Other Directorships & Interlocks
| Organization | Type | Role | Interlock/Notes |
|---|---|---|---|
| Mount Sinai Medical Center (NY) | Nonprofit healthcare | Alper – Trustee | CEO/Chairman Peter R. Orszag also serves on the board of Mt. Sinai Medical Center, indicating an external nonprofit board interlock . |
| University of Chicago | Nonprofit/Academic | Alper – Trustee (former Board Chair) | No Lazard insider interlock disclosed . |
| University of Chicago Medical Center | Nonprofit healthcare | Alper – Trustee | No Lazard insider interlock disclosed . |
Expertise & Qualifications
- Financial services operating leadership: 21 years in Goldman Sachs IBD, including IBD COO (1997–2000) and Co-Head of FIG (1994–1997) .
- Government and economic development: President, NYCEDC, Chair, NYCIDA (2002–2006) .
- Investment management and macro strategy: Chairman & CEO, EQA Partners (2006–2013); Chairman, Alper Investments (current) .
- Nonprofit governance: Trusteeships at University of Chicago, University of Chicago Medical Center, and Mount Sinai Medical Center .
Equity Ownership
| Holder | Beneficial Ownership (incl. DSUs convertible within 60 days where applicable) | % of Common Stock | % of Voting Power | DSUs Held (12/31/2024) | Notes |
|---|---|---|---|---|---|
| Andrew M. Alper | 91,266 | <1% | <1% | 91,266 | DSUs convert to common stock after board service ends; dividend equivalents paid in cash . |
Governance Assessment
- Strengths: Independent director with extensive financial and operational expertise; chairs Compensation Committee and demonstrated high shareholder engagement (90% of top-25 engagements) following a disappointing 2024 say‑on‑pay outcome, signaling responsiveness to investor feedback. Committee structure is fully independent; overall board attendance strong (>95% average) .
- Alignment: Alper elected to defer cash into equity (DSUs), making his 2024 compensation predominantly (effectively entirely) equity-settled and payable post-service, enhancing shareholder alignment .
- Potential conflicts/related-party exposure: No Alper-specific related-party transactions are disclosed; Lazard’s related-party policy requires committee review/approval and recusal for interested directors. Some directors may serve at organizations that do business with Lazard in the ordinary course. Anti-hedging policy applies to directors; no share pledging by Alper is disclosed in the proxy .
- Watch items: External nonprofit interlock at Mount Sinai Medical Center with the CEO/Chairman (Peter Orszag) merits awareness in independence perceptions, though the board affirms Alper’s independence under NYSE and Lazard standards .
- Committee oversight considerations: The Compensation Committee, which Alper chairs, retains authority over CEO/NEO pay and engages an independent consultant; it has authorized CEO-delegated grants from special equity pools with required committee updates—an area for continued oversight rigor given investor scrutiny of pay design and discretion .
Overall: Alper appears to be an active, independent Compensation Chair with strong financial credentials and meaningful ownership alignment via DSUs. No specific related-party transactions are disclosed for him; governance structures and policies (independence, anti-hedging, related-party review) are robust. The nonprofit interlock with the CEO at Mount Sinai is notable for optics but not flagged as impairing independence in the proxy .