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Peter R. Orszag

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For the ice hockey referee, see Peter Ország.
Peter Orszag
Orszag in 2023
Born
Peter Richard Orszag

(1968-12-16) December 16, 1968 (age 57)
Boston, Massachusetts, U.S.
OccupationsCEO, Chairman Lazard
Spouses
Cameron Hamill
​
​
(m. 1997; div. 2006)​
​
(m. 2010)​
Children5
Academic background
EducationPhillips Exeter Academy Princeton University (BA)
London School of Economics (MS, PhD)
ThesisDynamic analysis of regime shifts under uncertainty: Applications to hyperinflation and privatization (1997)
37th Director of the Office of Management and Budget
In office
January 20, 2009 – July 30, 2010
PresidentBarack Obama
DeputyRob Nabors
Preceded byJim Nussle
Succeeded byJeff Zients (Acting)
7th Director of the Congressional Budget Office
In office
January 18, 2007 – November 25, 2008
Preceded byDouglas Holtz-Eakin
Succeeded byDouglas Elmendorf
Personal details
PartyDemocratic

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).

Orszag is a member of the National Academy of Medicine of the National Academies of Sciences. He is on the Boards of Directors of the Peterson Institute for International Economics and the Mount Sinai Hospital. He has also been on the board of the Russell Sage Foundation and New Visions for Public Schools in New York.[7][8]

Early life

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Orszag grew up in Lexington, Massachusetts,[9] the son of Reba (née Karp) and Steven Orszag. His paternal great-grandparents were Jewish immigrants from Hungary who immigrated to New York City in 1903.[10][11] His father was a math professor at Yale University and his mother was the president and owner of a research and development company.[12] His brother is Jonathan Orszag, the Founding Partner of Econic Partners LLC.

After graduating from Phillips Exeter Academy with high honors (1987), Orszag earned an A.B. in economics from Princeton University in 1991.[13] He then received a M.Sc. (1992) and a Ph.D. (1997) in economics from the London School of Economics on the Marshall Scholarship.[14][15] He was a Marshall Scholar 1991–1992, and is a member of Phi Beta Kappa.[16]

Career

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Early years

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Orszag became a lecturer at the University of California, Berkeley, and taught macroeconomics in 1999 and 2000.[17] He then became a senior fellow and deputy director of economic studies[18] at the Brookings Institution.[19] In 2006 he co-founded and directed The Hamilton Project[19] and was its first director.[18] He was also director[18] of the Pew Charitable Trust's Retirement Security Project.[19]

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)

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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)

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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

He was invited to attend the Bilderberg Group conferences in 2010, 2011 and 2012.[citation needed] He was also a Distinguished Visiting Fellow at the Council on Foreign Relations and a contributing columnist for the New York Times op-ed page.[26]

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)

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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)

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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

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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

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References

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  1. ^ a b Hirsch, Lauren (26 May 2023). "Lazard Names Peter Orszag to Succeed Ken Jacobs as C.E.O." The New York Times. Retrieved 1 October 2023.
  2. ^ Indap, Sujeet; Fontanella-Khan, James (26 May 2023). "Lazard appoints Peter Orszag as chief executive". Financial Times. Retrieved 1 October 2023.
  3. ^ Indap, Sujeet; Agnew, Harriet; Massoudi, Arash (13 November 2019). "Ex-Obama adviser leads Lazard quest for bigger share of dealmaking". Financial Times. Retrieved 1 October 2023.
  4. ^ J. de la Merced, Michael (24 February 2016). "Ex-Obama Cabinet Official Joins Lazard". The New York Times. Retrieved 1 October 2023.
  5. ^ a b "Bloomberg Business: Lazard Hires Citigroup's Orszag for Mergers, Acquisitions". Bloomberg. 24 February 2016.
  6. ^ "Citigroup's Orszag to Oversee Strategy Unit as Chiefs Picked". Bloomberg News. 25 February 2013.
  7. ^ "Peter Orszag Appointed to RSF Board of Trustees". The Russell Sage Foundation. September 2014. Archived from the original on 6 September 2014. Retrieved 6 September 2014.
  8. ^ "Leadership Team". New Visions for Public Schools.
  9. ^ Kantor, Jodi (27 March 2009). "Obama's Man on the Budget - Just 40 and Going Like 60". New York Times.
  10. ^ "Orszag biography". University of St Andrews, Scotland. Retrieved 3 June 2017.
  11. ^ a b U.S. News & World Report: "10 Things You Didn’t Know About Peter Orszag" By Carol S. Hook November 25, 2008
  12. ^ New York Times: "Bianna Golodryga, Peter R. Orszag" September 24, 2010
  13. ^ Orszag, Peter R. (1991). "Congressional Oversight of the Federal Reserve: Empirical and Theoretical Perspectives". Princeton.
  14. ^ "Remarks by Peter R. Orszag - September marshall scholar reception" (PDF). Archived from the original (PDF) on 2 February 2017.
  15. ^ Orszag, Peter Richard (1997). Dynamic analysis of regime shifts under uncertainty: Applications to hyperinflation and privatization (PhD). London School of Economics and Political Science. Retrieved 16 June 2021.
  16. ^ Created by David Wallechinsky. "AllGov - Officials - Orszag, Peter". Retrieved 26 November 2008.
  17. ^ "Possibilities and Perils: The Future of Economic Policy (Peter Orszag)". Social Science and Policy Forum. University of Pennsylvania. 28 March 2013. Retrieved 8 July 2017.
  18. ^ a b c d Peter Orszag to re-join Economic Studies at Brookings, Press Release - Brookings, 8 September 2015 Accessed Aug. 16, 2024
  19. ^ a b c d e f "Why Do Capable Public Servants Like Economist Peter Orszag Keep Circling Back From Washington to Wall Street? -- New York Magazine - Nymag". New York Magazine. 8 April 2011. Retrieved 14 August 2020.
  20. ^ a b "FTI Consulting to Acquire Competition Policy Associates Inc".
  21. ^ "Articles by Peter R. Orszag". Bloomberg. 19 January 2022.
  22. ^ a b Klein, Ezra (14 January 2009). "The Number-Cruncher-in-Chief". The American Prospect. Archived from the original on 12 June 2010. Retrieved 14 January 2009.
  23. ^ "Obama expected to name Peter Orszag OMB director".
  24. ^ Eggen, Dan; Michael A. Fletcher (26 November 2008). "Obama Offers Recovery Proposals: He Announces Two More Officials On Economic Team". Washington Post. p. A03. Retrieved 18 April 2009. Obama named Peter R. Orszag as 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.
  25. ^ Orszag, Peter R. "Life is a series of hellos and goodbyes: A final blog entry". Director's Blog » Blog Archive ». Congressional Budget Office. Archived from the original on 30 April 2009. Retrieved 18 April 2009.
  26. ^ "Archived copy". Archived from the original on 15 October 2012. Retrieved 3 September 2010.{{cite web}}: CS1 maint: archived copy as title (link) CS1 maint: bot: original URL status unknown (link)
  27. ^ "Obama budget office forecasts $1.47T deficit, high unemployment". Archived from the original on 25 July 2010.
  28. ^ Dash, Eric (9 December 2010). "Ex-White House Budget Director Joins Citigroup". The New York Times.
  29. ^ Sheman, Gabriela (10 April 2011). "Revolver". New York Magazine. Retrieved 8 July 2017.
  30. ^ "Peter R. Orszag: Bio". Archived from the original on 27 February 2015. Retrieved 7 July 2017.
  31. ^ "Ex-Obama Cabinet Official Joins Lazard". New York Times. 24 February 2016.
  32. ^ a b Basak, Sonali (3 April 2019). "Lazard Promotes Peter Orszag to Lead Advisory as Alex Stern Named President". Bloomberg.
  33. ^ Peter Orszag, the techno guy who will dust off Lazard, Les Echos, 2024 Accessed Aug. 16, 2024
  34. ^ Lazard Geopolitical Advisory in Financial News, Lazard, 13 November 2023 Accessed Aug. 16, 2024
  35. ^ Jami Miscik Joins Lazard as a Senior Advisor, Geopolitical Advisory, Business Wire - Lazard, 13 October 2022 Accessed Aug. 16, 2024
  36. ^ a b Peter Orszag: the 'scholar-banker' aiming to restore Lazard's fortunes, Financial Times, 27 May 2023 Accessed Aug. 16, 2024
  37. ^ Lombardo, Cara (14 September 2023). "Lazard's New CEO Peter Orszag Wants to Double Revenue by 2030". Bloomberg.
  38. ^ Nguyen, Lananh (14 September 2023). "Lazard's next CEO Peter Orszag plans to double revenue by 2030". Reuters.
  39. ^ Basak, Sonali (14 September 2023). "Lazard Incoming CEO Orszag Seeks to Double Revenue by 2030". Bloomberg.
  40. ^ Lazard CEO Orszag to Add Ten Managing Directors a Year in Strategy Push, Bloomberg, 5 December 2023 Accessed Aug. 16, 2024
  41. ^ Peter Orszag wants to reimagine Lazard. Will his bankers let him?, Financial Times, 3 June 2024 Accessed Aug. 16, 2024
  42. ^ Lazard Appoints Dan Schulman And Stephen R. Howe Jr. To Its Board Of Directors, Lazard, 30 January 2024 Accessed Aug. 16, 2024
  43. ^ Lazard Hunts for Private-Credit Acquisition to Boost Asset Management, Bloomberg, 20 June 2024 Accessed Aug. 16, 2024
  44. ^ Lazard pursues private credit acquisitions for asset management arm, Private Equity Wire, 21 June 2024 Accessed Aug. 16, 2024
  45. ^ Gillespie, Todd (25 November 2024). "Lazard Appoints Orszag to Chair Board as Ken Jacobs Steps Back". Bloomberg Law.
  46. ^ Indap, Sujeet; Franklin, Joshua (4 June 2024). "Peter Orszag wants to reimagine Lazard. Will his bankers let him?". Financial Times.
  47. ^ Andrews, Helena; Heil, Emily. "The budget that Orszag wanted hidden". The Washington Post. p. C2. The Reliable Source.
  48. ^ New York Times: "Cameron Hamill and Peter Orszag" August 31, 1997
  49. ^ Mark Leibovich, "If Peter Orszag Is So Smart, What Will He Do Now?", January 8, 2010, New York Times
  50. ^ "Bianna Golodryga, Peter R. Orszag". The New York Times. 24 September 2010.
  51. ^ "ABC's Bianna Golodryga Gives Birth to Baby Boy". www.mediabistro.com.
  52. ^ "A Mother's Day Like No Other for Bianna Golodryga". www.adweek.com. 8 May 2016.
  53. ^ Eden, Ami (29 December 2009). "Mazal tov: Peter Orszag and Bianna Golodryga". Jewish Telegraphic Agency. Retrieved 6 November 2013.
  54. ^ Jewish Daily Forward: "The Exodus" by Nathan Guttman September 30, 2010
  55. ^ The Jewish Week: "Tim Boxer At Jewish Women's Foundation" Archived 2013-06-19 at the Wayback Machine May 17, 2012
  56. ^ Andrews-Dyer, Helena (11 July 2014). "Child-support drama ends in legal win for Orszag". The Washington Post.
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