Lazard's de Combret, Partner in Paris, Leaves Firm, People Say

Lazard's de Combret, Partner in Paris, Leaves Firm, People Say

Aug. 23 (Bloomberg) -- Lazard Ltd.'s Francois de Combret, a partner in Paris, is leaving the investment bank after 23 years advising on takeovers, people familiar with the situation said.

De Combret, 64, helped arrange last year's $5.7 billion purchase by Sagem SA, France's second-biggest maker of military electronics, of engine-maker Snecma SA. He's also a director of companies including carmaker Renault SA. De Combret and Lazard spokesman Richard Creswell declined to comment.

He's departing as Lazard's mergers ranking in France slipped to 17th, its worst in at least a decade, after a feud between Chief Executive Officer Bruce Wasserstein and former Chairman Michel David-Weill over the firm's initial public offering. Gerardo Braggiotti, a deputy chairman in charge of business outside of France and Britain, left in July after Wasserstein, 57, named Paris partner Georges Ralli to run the region with Jeffrey Rosen and William Rucker.

``When there is an IPO, there is going to be some turmoil,'' said Eileen Fahey, a credit-rating analyst at Fitch who covers U.S. investment banks, including Lazard. ``Hopefully, it slows down.''

De Combret, who joined Lazard in 1982 as an associate in New York, didn't sign a retention agreement obliging him to stay after the firm's IPO in May, said the people, who declined to be identified.

Braggiotti's Replacement

A graduate of l'Ecole Nationale d'Administration, which trains students for senior positions in the French government, de Combret advised former French President Valery Giscard d'Estaing on economic and industrial matters from 1974 until 1978. He was deputy chief of staff of Giscard d'Estaing from 1978 until 1981.

Lazard named Rosen to replace Braggiotti as chairman of the firm's Italian business, said a person familiar with the company. Rosen is a deputy chairman of Lazard in New York and one of three chairmen of the investment banking committee in Europe.

Shares of Lazard rose 13 cents to $24.71 in New York Stock Exchange composite trading.

To contact the reporter on this story: Jacqueline Simmons in Paris at jackiem@bloomberg.net .

Last Updated: August 22, 2005 18:14 EDT

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