(Bloomberg) -- Ken Moelis said he'll step down as chief executive officer of the namesake investment bank he founded before he turns 65.
Moelis, 59, said in a Bloomberg Television interview that in the next decade he will be “actively involved in transactions and I'm doing it more and more now, which is what I love.” But he won't be running the show.
Moelis & Co., based in New York, named co-founders Navid Mahmoodzadegan and Jeff Raich as presidents in 2015 to help the company expand. The firm had more than 650 employees at the end of last year, compared with 300 advisory professionals when it went public in 2014.
“I've already promoted two of my founding partners who are 10 years younger than me,” Moelis said. “I'm already looking at people 10 years younger than them.”
The stock has surged 43 percent this year, beating a 17 percent rise in the S&P 500 Index.
To contact the reporters on this story: Sonali Basak in New York at sbasak7@bloomberg.net, Erik Schatzker in New York at eschatzker@bloomberg.net.
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Larry DiTore, Steven Crabill
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