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Wasserstein takes Lazard post
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November 15, 2001: 2:30 p.m. ET
The man who sold his company to Dresdner a year ago will lead competition.
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NEW YORK (CNN/Money) - Lazard LLC said Thursday Bruce Wasserstein, who earlier in the day resigned from Germany's Dresdner Bank AG, would join the investment bank as executive head beginning Jan. 1, 2002.
The veteran Wall Street banker will succeed Michel David-Weill, who will continue as a chairman, Lazard said in a statement.
Wasserstein will be the second-largest private holder in Lazard, after David-Weill, Lazard said.
Wasserstein sold the mergers and acquisitions firm he co-founded, Wasserstein Perella, to Dresdner Bank for about $1.4 billion in September 2000.
Dresdner, which was then purchased by German insurer Allianz for $21 billion in April 2001, reported falling first-half earnings in August.
Dresdner had several failed attempts at mergers prior to the alliance with Allianz.
Plans to take Dresdner public after the merger were scrapped, much to Wasserstein's frustration, sources said.
Current Lazard Chairman Michel David-Weill is a direct descendant of the 153-year-old firm's founder.
Allianz declined to comment on the resignation. 
-- from staff and wire reports
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