Lazard CEO Ken Jacobs set to step down -source

"We have a succession plan that we have had in place for quite some time and our plan is on track," he said.

Lazard Ltd chief executive officer Ken Jacobs is expected to step down from his role and be replaced by Peter Orszag, who currently runs the investment bank's advisory unit, a person familiar with the matter said on Thursday.

Lazard lead director Richard Parsons declined to provide details of the succession plan in a statement to Reuters. "We have a succession plan that we have had in place for quite some time and our plan is on track," he said. The Wall Street Journal first reported on the succession.