Investment firm Lazard fires top executive for alleged inappropriate behaviour at party
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Lazard acted swiftly to investigate the allegations against the executive and he was dismissed over the weekend.
PHOTO: REUTERS
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LONDON - Mr Reid Snellenbarger, Lazard’s co-head of restructuring in North America, was fired just months after he joined the investment firm because of alleged inappropriate behaviour at a party last weekend, people with knowledge of the matter said.
Mr Snellenbarger, who was hired only in April and based in Chicago, was dismissed over behaviour which allegedly included inappropriate touching of colleagues. The alleged behaviour occurred at a Fourth of July pool party thrown for Chicago staff, the Daily Mail reported.
Mr Snellenbarger did not publicly respond to the allegations and messages seeking comment.
“Out of respect for our colleagues who may have been affected by this individual’s behaviour, we are not providing or confirming any further detail on the incident,” a spokesman for Lazard said in a statement.
Mr Snellenbarger joined Lazard from advisory and restructuring specialist Houlihan Lokey. He served as an investment banker for former blog publisher Gawker Media Group in the US$135 million sale of its sites to Univision Holdings in 2016. He also advised bankrupt mortgage servicer Ditech Holding Corp, which won approval in 2019 for a US$1.8 billion sale of its businesses.
Lazard acted swiftly to investigate the allegations against Mr Snellenbarger and he was dismissed over the weekend. Lazard’s incoming chief executive officer, Mr Peter Orszag, informed staff of the decision in an internal memo on Sunday.
Wall Street has been trying to move away from a culture that has been blamed for encouraging excessive risk-taking and workplace behaviours ranging from harassment to discrimination. On its website, Lazard says it fosters an environment of “mutual respect” and encourages employees to be positive ambassadors for the firm.
The quick action by Lazard comes at a sensitive time for the New York-based firm. Mr Orszag is preparing to take over the reins from Mr Ken Jacobs in October, and it emerged in June that the firm had held preliminary talks to sell itself to Abu Dhabi wealth fund ADQ before deciding against the move. BLOOMBERG
