Towards the end of 2009, Kenneth Jacobs became the CEO of Lazard North America succeeding the late Bruce Wasserstein. Only 51 years old, he was selected over 63-year old Steven Golub who was the leading consideration of Lazard board as their CEO. Kenneth Jacobs scored higher over other contenders such as Gary Parr who heads Lazard’s financial institutions group and who is only a year older than Jacobs.

Before Jacobs was granted the position of chief executive officer of Lazard, he served in the firm’s executive committee. He was known in the firm as one of the individuals who worked with Wasserstein in the restructuring efforts for Lazard. He has helped in pacifying dissatisfied bankers by offering some of them equity in Lazard.

Kenneth Jacobs has been with Lazard for 22 years. He graduated from the University of Chicago where he earned his bachelor’s degree in economics. He is also a former Goldman Sachs banker.

Bankers like Kenneth Jacobs are highly thought of in Lazard for their expertise in mixing politics, diplomacy and academics. Just like Lazard Frères banker Felix Rohatyn, who also once served as the Ambassador of France; and power broker for the Democrats, Lazard’s Vernon Jordan. Now, Jacobs is a trustee of the Washington think tank, the Brookings Institution.

Despite being the current CEO of Lazard, Kenneth Jacobs has always kept a low profile. He gives very few interviews. Kenneth Jacobs follows a very precise principle in life. In fact, in one of his rare interviews in the January 2009 issue of Investment Dealer’s Digest, he revealed that Lazard religiously followed a simple business model that is focused on building around the advice business and intellectual capital. “We don’t take existential risk,” Kenneth Jacobs further revealed.

His strategy has served Lazard perfectly well, especially during the global financial crisis. Kenneth Jacob’s firm has managed to produce considerable profits through its asset-management unit.