Christopher Hogbin
LazardAbout Christopher Hogbin
Christopher Hogbin was appointed CEO of Lazard Asset Management effective December 2025, following an offer and retention agreement executed September 3, 2025; his employment commences no later than January 30, 2026 and he will report to Lazard’s CEO . He brings 30 years of experience, most recently as Global Head of Investments at AllianceBernstein overseeing public and private market investments and approximately $800 billion in AUM as of July 31, 2025; he holds an MA in economics from Cambridge and an MBA with distinction from Harvard Business School, and is a dual US/UK citizen residing in New York City . Lazard delivered strong 2024 performance (Adjusted Net Revenue +18% YoY to $2,890 million; Adjusted Operating Margin 14.2%; TSR +55%), and momentum continued in 2025 with record firmwide adjusted net revenue in Q3; this operating context frames the performance environment for Hogbin’s incentive alignment in Asset Management .
Key company performance (context for role):
| Metric | 2023 | 2024 |
|---|---|---|
| Adjusted Net Revenue ($mm) | $2,440 | $2,890 |
| Adjusted Operating Income ($mm) | $166 | $411 |
| Adjusted Operating Margin (%) | 6.8% | 14.2% |
| Net Income, as adjusted ($mm) | $75 | $244 |
| Diluted EPS, as adjusted ($) | $0.77 | $2.34 |
| TSR (1-Year) | 7% | 55% |
Q3 2025 selected results:
| Metric | Q3 2025 |
|---|---|
| Net Revenue ($mm) | $748 |
| Adjusted Net Revenue ($mm) | $725 |
| Adjusted Net Income ($mm) | $62 |
| Diluted EPS (GAAP) ($) | $0.65 |
| Asset Management Net Revenue ($mm) | $327 |
| Ending AUM ($bn) | $265 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AllianceBernstein | Global Head of Investments; previously COO of Equities; Head of Equities; led institutional research in Europe/Asia | 2005–2025 | Expanded and diversified investment capabilities across public/private markets; elevated research; delivered client outcomes and firm growth |
| Boston Consulting Group | Strategy consultant (financial services and consumer) | Not disclosed | Experience across London, San Francisco, Shanghai; strategic advisory foundation |
| AllianceBernstein (earlier career) | Senior Analyst, #1 rank in sector; Institutional Investor All-Europe Research Team | Not disclosed | Top-ranked research, built global research leadership prior to buy-side transition |
External Roles
No public company directorships or external board roles disclosed for Hogbin in Lazard filings.
Fixed Compensation
| Component | Amount | Timing | Vehicle | Conditions/Notes |
|---|---|---|---|---|
| Base Salary | ≥ $750,000 per year | Ongoing | Cash | Paid semi-monthly while employed |
| 2025 Cash Payment (make-whole for forfeited bonus) | $3,775,000 (less any portion paid by prior employer) | Within 30 days of Effective Date | Cash | Repayable in full if resignation or termination for cause within 1 year of Effective Date |
| 2026 Guaranteed Payment | ≥ $7,500,000 (less 2026 salary paid) | Paid with 2026 bonus timing (by Mar 15, 2027 if involuntary termination without Cause) | Mix of restricted stock, RSUs, PIPRs, and/or restricted fund interests per Equity Plan | Portion delivered in equity awards subject to customary vesting; remainder in cash |
| Inducement Equity Award (make-whole) | $16,000,000 grant date value | ~3rd business day after Effective Date | Restricted stock/RSUs/PIPRs/LFIs | Vesting: 15.625% in Mar 2026; 28.125% in Mar 2027, 2028, 2029; forfeiture if not employed/on notice at vest dates; reduced by value of any current-employer awards that vest |
Performance Compensation
| Incentive Type | Grant Value | Performance/Service Conditions | Vesting/Measurement | Notes |
|---|---|---|---|---|
| Equity Award (inducement) | $16,000,000 | Continued service; award agreements under 2018 Plan; non-compete/nonsolicit covenants apply | 15.625% Mar 2026; 28.125% Mar 2027, 2028, 2029 | Designed to offset forfeited unvested awards; number/types at Lazard’s discretion |
| Annual Bonuses (post-2026) | Not specified | Discretionary, based on individual and firm performance; mix of cash/equity at Lazard’s discretion | Paid on standard schedule | Eligible in years following 2026 |
Vesting schedule detail:
| Tranche | Vest Date | Percentage | Condition |
|---|---|---|---|
| 1 | March 2026 | 15.625% | Employed and not on notice; award agreement terms |
| 2 | March 2027 | 28.125% | Employed and not on notice; award agreement terms |
| 3 | March 2028 | 28.125% | Employed and not on notice; award agreement terms |
| 4 | March 2029 | 28.125% | Employed and not on notice; award agreement terms |
Equity Ownership & Alignment
- Equity-heavy compensation with multi-year vesting (inducement equity at $16 million; vesting through 2029) directly ties realized value to tenure and share performance under Lazard’s 2018 Incentive Compensation Plan, enhancing retention and shareholder alignment .
- Anti-hedging policy prohibits short sales and derivative hedges by employees/directors absent General Counsel approval; executive officers are not eligible for approval, reinforcing alignment .
- RSUs/PRSUs accrue dividend equivalents subject to vesting; PIPRs/PRPUs/Stock Price PRPUs accrue distributions and interest until vesting (6% per annum, compounded quarterly), further linking payout to firm performance and share value .
- No disclosure of Hogbin’s beneficial ownership or any pledging of Lazard stock as collateral at this time .
Employment Terms
| Term/Provision | Details |
|---|---|
| Employment status | At-will; three months’ written notice to terminate employment; Lazard may pay salary in lieu of notice |
| Reporting line | CEO and Chairman Peter Orszag (or successor) |
| Effective date | No later than January 30, 2026 (press release notes December 2025 appointment) |
| Non-compete | 9 months post-termination covering activities competitive with Lazard’s advisory, AM, wealth, and related businesses (global scope); passive holdings ≤5% permitted |
| Non-solicit (clients) | 9 months post-termination; no solicitation of Lazard clients/prospects regarding competitive activities |
| Non-solicit (employees) | 9 months post-termination under retention agreement; the offer letter referenced 6 months, but retention covenants supersede prior award covenants |
| Garden leave / paid leave | Firm may place executive on paid leave up to 90 days while determining if Cause exists (salary/medical benefits/continued vesting; bonuses escrowed) |
| Severance (Qualifying Termination) | Accrued obligations; Pro-Rata Bonus = Average Bonus × fraction of year; Average Bonus deemed $6,750,000 per fiscal year prior to 2028; cash severance = 1.5×(Base Salary + Average Bonus); portion of severance paid over Restricted Period and lump sum thereafter; continued COBRA employer portion up to 12 months (or cash equivalent) |
| Equity treatment upon Qualifying Termination | Resignation for Good Reason or Mutual Agreement treated as termination without Cause for awards; equity vesting per plan/award agreements |
| Change-in-control (CIC) | Release requirement lapses upon CIC; payments subject to “net better” Section 280G cutback to maximize after-tax outcome; performance determination for awards per plan; double-trigger vesting policy applies firm-wide to NEOs and employees |
| Arbitration/Forum | Binding arbitration (JAMS) in New York; firm may seek injunctive relief to enforce covenants; New York law governs; exclusive NYC courts for non-arbitrable matters |
| Clawbacks/Insider policy | Subject to Lazard’s Compensation Recovery Policy and Incentive Compensation Recovery Policy; Insider Trading Policy applies |
Investment Implications
- Near-term vesting cadence creates potential insider supply windows: 15.625% of the $16 million inducement equity vests in March 2026, with 28.125% tranches in March 2027–2029, contingent on continuous service; monitor Form 4 filings and Rule 10b5‑1 plans around these dates for selling pressure indicators .
- Retention risk moderated by 9‑month non-compete/nonsolicit covenants, meaningful severance economics (Pro‑Rata Bonus plus 1.5× Base + Average Bonus), and equity award forfeiture on early departure, all of which incentivize tenure through Lazard’s 2030 strategy horizon .
- Alignment is reinforced by equity-heavy pay design (inducement equity and 2026 guaranteed payment partially in equity) and anti‑hedging policy, linking realized compensation to firm performance and share price outcomes .
- Asset Management execution focus: Lazard’s 2025 Q3 momentum in AM (net revenue $327 million; ending AUM $265 billion) sets performance benchmarks; Hogbin’s AB background in scaling multi‑asset and alternatives could be accretive to AM revenue/AUM growth and mix, with compensation sensitive to firm results and discretionary equity grants post‑2026 .