Evercore appears to have set up a CEO succession line, naming two executives as co-president, the investment bank announced Sunday.
Nigel Dawn, the bank’s global head of private capital advisory, and Naveen Nataraj, co-head of U.S. investment banking, will take the co-president roles Jan. 1, Evercore said in a release.
But Chairman and CEO John Weinberg isn’t going anywhere soon: the Evercore chief agreed to serve at least three more years in his roles.
That may slightly dim Dawn’s prospects of succeeding Weinberg. He’s 62, whereas Nataraj is 51.
Nataraj’s fellow U.S. investment banking co-heads will have new roles, too. Daniel Mendelow will become Evercore’s sole head of U.S. investment banking. Jason Sobol, also a U.S. investment banking co-head, will become chair of the unit.
“We need additional management because the firm is so much bigger and broader,” Evercore founder and Senior Chairman Roger Altman told the Financial Times. “About 10 years ago, most of our revenues were [mergers and acquisitions]-related. And now they’re roughly half.”
The investment bank’s market capitalization has surpassed $10 billion, the publication reported, noting that Evercore’s returns since 2017 total more than 350%, including stock price and dividends.
“These are two very, very talented people,” Altman said of Dawn and Nataraj. “But has a decision been made on ultimate succession? The answer is no.”
Dawn, for his part, has specialized in secondary-market transactions where investors sell their positions in private market funds. He will become chairman of Evercore’s private capital advisory business.
Nataraj, meanwhile, has made his mark in tech dealmaking, advising on more than $700 billion in transactions throughout his career, the bank said.
“As Evercore has grown and evolved, we see increased opportunities to bring value for our clients,” Weinberg said in a statement. “This leadership structure will help us drive our strategy more effectively while reinforcing our commitment to clients, our values and our culture.”
Weinberg came to Evercore after having served as co-head of global investment banking at one of the firm’s chief rivals, Goldman Sachs, from 2002 to 2015.
Dawn joined Evercore in 2013 after a decade and a half at UBS, according to his LinkedIn profile.
Nataraj has been at Evercore since 2002.
“Evercore is a different firm today, even compared with three years ago,” Altman said in a statement. “The firm will benefit from additional management resources to support John, and today’s announcement reflects that need. I could not have greater confidence in Nigel and Naveen and look forward to working with them in their new roles.”
