Evercore, an investment bank, has named two executives as co-presidents, according to a release. Nigel Dawn and Naveen Nataraj will take on the co-president roles starting January 1.
Dawn, the bank’s global head of private capital advisory, and Nataraj, co-head of U.S. investment banking, will work alongside Chairman and CEO John Weinberg, who has agreed to serve at least three more years in his roles.
Weinberg’s decision to stay on may impact Dawn’s prospects of succeeding him, given their age difference – Dawn is 62, while Nataraj is 51.
Other changes include Daniel Mendelow becoming the sole head of U.S. investment banking, and Jason Sobol taking on the role of chair of the unit.
Evercore’s founder and Senior Chairman, Roger Altman, stated that the firm needs additional management due to its growth and expansion. He noted that about 10 years ago, most of the firm’s revenues were related to mergers and acquisitions, but now they’re roughly half.
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The investment bank’s market capitalization has surpassed $10 billion, with returns totaling over 350% since 2017, including stock price and dividends.
Altman praised Dawn and Nataraj, saying they are “two very, very talented people,” but emphasized that no decision has been made on ultimate succession.
Dawn has specialized in secondary-market transactions, while Nataraj has made his mark in tech dealmaking, advising on over $700 billion in transactions throughout his career.
Weinberg previously served as co-head of global investment banking at Goldman Sachs, while Dawn joined Evercore in 2013 after working at UBS. Nataraj has been with Evercore since 2002.
