It seems that Bruce Wasserstein’s death will cost Lazard in more ways than one.
The death of firm’s chairman and chief executive will result in a
payment of more than $186 million in restricted stock, Reuters
reported, citing the company’s proxy statement.
Mr. Wasserstein was set to receive roughly 4.4 million shares of
restricted stock as part of his compensation through 2012, according to
the filing.
The shares will vest 30 days after his death and, based upon Thursday’s closing price of $42.79, are worth about $186.5 million.
According to the proxy, Mr. Wasserstein received about $20.5 million in salary and incentive compensation in 2008.
As DealBook noted Thursday,
Mr. Wasserstein’s death on Wednesday has raised questions from some
analysts about the investment bank’s ability to bring in the big
business now that he is gone.
Trading volume in Lazard’s stock spiked Thursday on the news, with
the firm’s shares closing down more than 1 percent as concerned
investors pulled out.
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http://dealbook.blogs.nytimes.com/2009/10/16/wassersteins-death-to-result-in-1865-million-payment/