Peter R. Orszag serves as the chairman and chief executive officer of Lazard, having assumed the role of CEO on October 1, 2023. A former government official with an extensive background in economic policy, he has navigated leadership roles across both the public sector and the global financial industry throughout his professional tenure.
Academic and Early Professional Foundation
Born in Boston in 1968, Orszag attended Phillips Exeter Academy before earning an A.B. in economics from Princeton University in 1991. He subsequently attended the London School of Economics, obtaining a M.Sc. and a Ph.D. in economics. His early career included teaching macroeconomics at the University of California, Berkeley, and serving as a senior fellow at the Brookings Institution. During the 1990s, he held positions in the Clinton administration, including special assistant to the president for economic policy.
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Orszag directed the Congressional Budget Office from 2007 to 2008, where he increased the agency's health analysis capabilities. In 2009, he became the 37th director of the Office of Management and Budget under President Barack Obama. During his tenure, he navigated federal budget strategy amidst high unemployment and significant deficits. He also co-founded The Hamilton Project and contributed to policy publications including Saving Social Security and American Economic Policy in the 1990s.
Transition to Finance and Corporate Leadership
Following his government service, Orszag joined Citigroup in 2011, where he served as vice chairman of corporate and investment banking. He moved to Lazard in 2016 as managing director and vice chairman of investment banking. After leading the firm's North American M&A and global healthcare practices, he took over as CEO of Lazard’s Financial Advisory in 2019. Upon becoming firm-wide CEO in 2023, he initiated strategies to expand Lazard's revenue and global advisory presence.
Fast facts
- Born: 1968, Boston
- Education: Princeton University; London School of Economics
- Director of the Office of Management and Budget: 2009-2010
- Joined Lazard: 2016
- Appointed CEO of Lazard: 2023
- Appointed Chairman of Lazard: 2025
- Awards: Marshall Scholarship; Phi Beta Kappa Award in Science
Questions readers ask
What is Peter R. Orszag's current professional role?
He serves as both the chief executive officer and chairman of Lazard.
Did Peter R. Orszag work in the Obama administration?
Yes, he served as the director of the Office of Management and Budget from 2009 to 2010.
Achievements
- Affiliated with University of California, Berkeley, Lazard and Citigroup
- Educated at Princeton University and Phillips Exeter Academy
