Bruce Wasserstein, the CEO of Lazard Ltd. and a prominent Wall Street dealmaker who helped negotiate some of the largest corporate takeovers in history, died Wednesday. He was 61. The death of the driving force behind Lazard raises questions about the future of one of Wall Street’s top mergers and acquisitions advisory firms.

Wasserstein was hospitalized earlier this week for an irregular heartbeat, with the company saying Sunday his condition was serious but he was “stable and recovering.” In a statement Wednesday, Lazard’s board said the cause of death had not yet been determined.

The New York-based firm named Vice Chairman Steven J. Golub as interim CEO, effective immediately. Golub, 63, has been with Lazard since 1984 and served in various senior leadership positions, including as CFO and chairman of Lazard’s financial advisory business.

But some say Lazard’s success was so tied to Wasserstein that the company could face a tough road ahead.

“Mr. Wasserstein was the main driver that created Lazard as a public company,” Rochdale Securities analyst Richard Bove said. “He forced the expansion of the business and his contacts brought in deals. He cannot be replaced easily or perhaps at all.”

Source/Full Story: The Associated Press
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