Peter Richard Orszag (born December 16,1968) is an American business executive and former government official. He is the chief executive officer (CEO) and chairman of Lazard.[1] Announced as Lazard's incoming CEO on May 26,2023,he assumed the role on October 1,2023,also joining the board.[2]
Prior to becoming Lazard CEO,Orszag was CEO of Lazard's Financial Advisory from April 2019 to September 2023.[3] He was previously Head of North American Mergers &Acquisitions and Global Co-Head of Healthcare from July 2018 to June 2019. Orszag joined Lazard as Vice Chairman of Investment Banking in May 2016.[4][5]
Prior to Lazard,Orszag was a Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group at Citigroup.[6] Prior to that,he was the 37th Director of the Office of Management and Budget (OMB) under President Barack Obama and had also been the Director of the Congressional Budget Office (CBO).
He was Special Assistant to the President for Economic Policy (1997–1998),and as Senior Economist and Senior Adviser on the Council of Economic Advisers (1995–1996) during the Clinton administration.[20] After leaving the Clinton White House,[19] he formed a consulting group called Sebago Associates,which merged into Competition Policy Associates and was bought by FTI Consulting Inc. for a reported $70 million[20] in 2005.[19] He has been a columnist at Bloomberg Opinion.[21]
Congressional Budget Office (2007-2008)
Orszag was director of the Congressional Budget Office from January 2007 to November 2008. During his tenure,he repeatedly drew attention to the role rising health care expenditures were likely to play in the government's long-term fiscal problems—and,by extension,the nation's long-term economic problems.[22] During his time at the CBO,he added 20 full-time health analysts (bringing the total number to 50),thereby strengthening the CBO's analytical capabilities and preparing Congress for health-care reform.[22]
He was widely praised for his time at CBO for preparing the agency for the debates to come.[23]
Office of Management and Budget (2008-2011)
2009 budget meeting
On November 25,2008,President-elect Barack Obama announced that Orszag would be his nominee for director of the Office of Management and Budget,the arm of the White House responsible for crafting the federal budget and overseeing the effectiveness of federal programs.[24][25]
Peter Orszag with President Obama in the Oval Office in January 2009
In July 2010 Orszag said that "The problem now is weak growth and high unemployment rather than outright economic collapse". Still,the deficit would be equivalent to 10 percent of the gross domestic product,the highest level since World War II. The Office of Management and Budget's mid-session review,forecast a smaller deficit and stronger economic growth than the administration's initial budget release. The deficit forecast in 2011 increased to $1.42 trillion,up from the $1.27 estimate in February. For 2012,the deficit estimate rose to $922 billion,up from $828 billion in the previous report. The annual budget shortfall would bottom out in 2017 at $721 billion,or 3.4 percent of GDP,and begin rising again in following years.[27]
A review of Orszag's daily schedules showed focus on healthcare reform as soon as he joined Obama's Cabinet. The daily schedules for Orszag,who left his position as OMB director in July 2010,reveal that he and key White House aides regularly met to discuss healthcare starting in January 2009,within days of Obama entering office. Orszag also had meetings with insurance executives and health experts as the White House made health reform its top legislative priority after enacting the $814 billion stimulus from the American Recovery and Reinvestment Act of 2009.
Citigroup (2011-2016)
After leaving the Obama administration,Orszag took a job with Citigroup[28] in 2011.[29][19] Orszag held two jobs at Citigroup:Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group.[30] While remaining Citigroup's Vice Chair of Corporate and Investment Banking as well as Chairman of Citigroup's Financial Strategy and Solutions Group,in 2015,he rejoined the Brookings Institution as a non-resident senior fellow of the Economic Studies program.[18]
Lazard (2016-present)
In May 2016,Orszag joined Lazard as Vice Chairman of Investment Banking and managing director.[31] He was named Global Co-Head of Healthcare in July 2018,and subsequently Head of North American M&A.[32] Before June 2019,he was the firm's Head of North American M&A and Global Co-Head of Healthcare.[5] Orszag took over as CEO of Lazard's Financial Advisory in April 2019,overseeing the firm's advisory work for corporations and governments.[32] He created Lazard Geopolitical Advisory[33] in 2022[34] while CEO of Lazard's Financial Advisory.[35] Also while in the role,he expanded data analytics and AI for the firm's banking and asset management businesses.[36]
Oszag was announced as the future CEO of Lazard in early 2023.[36] In September 2023,Orszag said his aim as CEO would include doubling Lazard's revenue by 2030.[37][38][39] Orszag assumed the position of Lazard CEO on October 1,2023.[1] He announced plans in late 2023 to expand Lazard's managing directors by ten per year.[40] He recruited former PayPal CEO Dan Schulman to the Lazard board[41] in January 2024,when he also oversaw the board appointment of former Ernst &Young chairman Stephen R. Howe Jr.[42] In mid 2024, Bloomberg reported that Orszag was eyeing the acquisition of firms particularly in the fields of private credit,[43] infrastructure,and real estate.[44] Effective January 1,2025,his role expanded to serve as both CEO and chairman.[45]
In the two quarters following Orszag becoming CEO,the firm generated almost $1 billion in fees from deals.[46]
Personal life
At Sylvan Dale Ranch in 2010
Orszag's first wife was Cameron Rachel Hamill.[47][48] They had two children before divorcing.[11] In 2009,he fathered a child with his former girlfriend,Claire Milonas,daughter of shipping magnate Spiros Milonas.[49] In 2010,Orszag married Bianna Golodryga,then co-host of ABC's GMA Weekend.[50] They have a son[51] and a daughter.[52] Orszag is Jewish.[53][54][55] In 2014,a judge ruled in Orszag's favor in a child support case brought by his first wife.[56]
Bibliography
Orszag,Peter,et al.American Economic Policy in the 1990s (MIT Press:2002)
Orszag,Peter,et al.Protecting the American Homeland:A Preliminary Analysis (Brookings Institution Press:2002)
Orszag,Peter,et al.Saving Social Security:A Balanced Approach (Brookings Institution Press:2004)
Orszag,Peter and Diamond,Peter,Saving Social Security:The Diamond-Orszag Plan (Brookings Institution:Apr. 2005)
Orszag,Peter,et al.Protecting the Homeland 2006/7 (Brookings Institution Press:2006)
Orszag,Peter,et al.Aging Gracefully:Ideas to Improve Retirement Security in America (Century Foundation Press:2006)
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