Eurazeo, formerly a holding company within the Lazard group, continues its evolution into a private equity firm with the appointment of Patrick Sayer as chief executive.
The appointment is part of a revamp of the Eurazeo board which will see Bruno Roger, current chairman and chief executive, become chair of the supervisory board, with Patrick Sayer heading the executive board. Sayer has been a partner at Lazard since 1995.
Bruno Roger said he believed his close working relationship with Patrick Sayer would help facilitate the company’s development towards a more private equity-focused operation. “We are keen to improve the distinction between managerial and controlling responsibilities within the company. The restructuring and appointment of Patrick will further develop our position as a major player in European private equity.”
Eurazeo, a product of the merger between Azeo and Eurafrance, already has stakes in Danone, Pearson and Saint-Gobain in addition to a 17 per cent stake in the profits of Lazard.
Sayer's appointment is the latest in a series high-profile appointments aimed at boosting Eurazeo’s private equity business. Xavier Marin joined from ING Barings as co-head of investment alongside Gilbert Saada, and Philippe Audouin, the former finance director of Europatweb, joined as finance director as Eurazeo.As at the end of 2001 the company had E3.5bn of assets and cash reserves of around E400m.