Evercore Names Dawn and Nataraj Co-Presidents, Locks Weinberg In as CEO Through 2029
EVR is trading near its 52-week low of $245.47 (2.7% above the low).
Summary
Evercore appointed Nigel Dawn and Naveen Nataraj as Co-Presidents effective January 1, 2027, with CEO John Weinberg staying on for at least three more years. Each new Co-President received a one-time PRSU award with a $20 million target value.
Key Events · Executive and Board Changes · EVR
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Two Co-Presidents Named
Nigel Dawn (Global Head of Private Capital Advisory) and Naveen Nataraj (Co-Head of U.S. Investment Banking) become Co-Presidents effective January 1, 2027, reporting to Chairman and CEO John S. Weinberg.
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$40M Target Retention Awards
Each received a one-time PRSU award with a $20 million target value — $40 million combined — earned on three-year operating income and relative TSR goals, paying 80%-200% of target and cliff-vesting on the fifth anniversary of the effective date.
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Weinberg Commits Three More Years
The Board and Weinberg agreed he will serve as Chairman and CEO for at least the next three years, so this is added depth rather than a CEO transition.
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Investment Banking Leadership Reshuffled
Daniel Mendelow becomes sole Head of U.S. Investment Banking; Jason Sobol becomes Chairman of U.S. Investment Banking alongside Eduardo Mestre, Chairman of Global Investment Banking.
Analysis · EVR · Finance
Evercore is adding a two-person layer beneath John Weinberg, who stays Chairman and CEO for at least three more years — so this is succession depth, not a CEO exit. The $20 million target PRSU awards to each new Co-President are tied to operating income and relative total shareholder return over three years, with cliff vesting on the fifth anniversary, which is real retention money for the two people now running the firm's biggest revenue engines. The stock is near its 52-week low after a Q2 EPS miss, so the market will read this as continuity rather than a strategic reset; the practical question is whether the added layer slows decision-making at a firm whose advisory business is its growth driver.
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At the time of this filing, EVR was trading at $252.01 on NYSE in the Finance sector, with a market capitalization of approximately $9.7B. The 52-week trading range was $245.47 to $388.71. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.