Investment banking firm Evercore Inc. appointed a company veteran from its US advisory business as its new finance chief as it looks to expand in Europe and Asia and increase its technology investments.
The New York-based company on 20 January said Tim LaLonde, its co-head of the US advisory division and chief operating officer for the investment banking business, will take over as chief financial officer, effective March 6.
Before joining Evercore in 2001, he served as an executive director at UBS Warburg, which is now part of financial services giant UBS.
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As CFO, LaLonde is set to succeed Celeste Mellet, who plans to leave the firm in early February, Evercore said. Fund manager Global Infrastructure Partners said it hired Mellet as a partner and CFO. Mellet has been Evercore’s CFO since 2021.
The firm said it appointed its controller, Paul Pensa, as interim CFO for the time between Mellet’s exit and LaLonde’s start in the new role.
LaLonde will oversee Evercore’s financial, tax, internal audit, investor relations, information technology and facilities functions and continue to serve as a member of Evercore’s management committee, the bank said.
“He is a highly respected partner and has a superior record of delivering operational excellence,” chief executive John Weinberg said in a statement, referring to LaLonde.
Evercore underwent a major leadership shift in 2021, when it named Weinberg as its sole chief executive. The move marked the final step in a yearslong transition in which the firm’s founder, Roger Altman, gradually stepped back. Evercore has said it wants to step up its investments in financial technologies, clean tech and biotechnology and expand its international business.
Evercore is expected to report fourth-quarter earnings on 1 February. The firm in October said its net revenue fell by 30% to $576.9m during the quarter ended September 30, compared with the prior-year period. Net income totaled $82.4m for the quarter, down 48% from the prior-year period.
Write to Mark Maurer at [email protected]
This article was published by The Wall Street Journal, part of Dow Jones