Michel David-Weill
Michel David-Weill | |
|---|---|
| Born | 23 November 1932 France |
| Died | 16 June 2022 (aged 89) |
| Occupation | Investment banker |
| Known for | Chairman of Lazard and Eurazeo |
Michel David-Weill (November 23, 1932 – June 16, 2022) was a prominent French investment banker who served as chairman of both Lazard and Eurazeo.
Early life
Michel David-Weill was born on November 23, 1932, into a Jewish family. His father, Pierre David-Weill (1900–1975), held the position of chairman at Lazard Frères, and his mother was Berthe Haardt. The family's connection to Lazard Frères extended back generations; Michel’s great-grandfather Alexandre Weill was employed there, with the firm originally established by his cousins Alexandre, Elie, and Simon Lazard. In 1900, Michel’s grandfather David David-Weill joined as a partner, followed by Pierre David-Weill in 1927.
During World War II, at just eight years old, Michel escaped Paris alongside his mother and sister to avoid Nazi persecution. While his father resided in New York City during this period, Michel remained in occupied France. At eleven, he lived with his family in the village of Béduer, where they converted to Roman Catholicism and were raised in that faith; his father converted later in 1965. After the war’s conclusion, Michel reunited with his father in New York City and attended the Lycée Français de New York, where he studied among other wartime refugees including Baron Pierre de Gunzburg. He subsequently completed his higher education at Sciences Po Paris.
Career
David-Weill’s professional journey began with service in the French military before joining Lazard Frères in 1956. By 1961, he had become a partner. During André Meyer’s chairmanship, Lazard experienced significant growth with Felix Rohatyn overseeing acquisitions and David-Weill managing bookkeeping responsibilities. Upon his father’s death in 1975, David-Weill inherited a substantial ownership stake, making him the largest shareholder across Lazard’s offices in New York, Paris, and London. In 1977, following Meyer’s illness and Rohatyn’s decision to decline the chairmanship, David-Weill assumed the role of chairman. He collaborated closely with Rohatyn—who had been senior partner since 1961—and retained sole control over partner compensation and dismissals according to the partnership agreement.
Under David-Weill’s guidance, Lazard broadened its focus beyond traditional merger and acquisition advisory services to include asset management and municipal bond markets. He brought aboard influential executives such as Steven Rattner and Kenneth M. Jacobs, the current Chairman. The firm’s earnings grew dramatically during his tenure—from $5 million in the late 1970s to $500 million by the late 1990s. He unified Lazard’s three separate branches by merging his holdings in New York and Paris and purchasing Pearson’s London stake for over $600 million. Yet during the late 1990s, departures of key dealmakers like Rohatyn (who became U.S. Ambassador to France), Kendrick Wilson III (who moved to Goldman Sachs), among others, placed increased strain on Lazard.
To strengthen the firm, David-Weill invited Rohatyn back as Senior Advisor in 2001; Rohatyn also launched Rohatyn Associates to generate deal flow for Lazard. Later that year, David-Weill appointed Bruce Wasserstein as CEO. Following Wasserstein's arrival, Rohatyn departed for Morgan Stanley and other firms. Wasserstein engaged in aggressive recruitment of bankers and initiated an IPO of Lazard Asset Management to finance expansion efforts. He then pushed to take the entire company public despite David-Weill’s opposition—a move that David-Weill eventually came to regret. He continued as Chairman until 2005 before shifting focus toward managing his investments, particularly through Eurazeo. Additionally, David-Weill held a directorship at Groupe Danone, a leading multinational food corporation.
Personal life
In 1956, Michel David-Weill wed Hélène Marie Lehideux, the daughter of Robert Lehideux. Together, they raised four children: Béatrice, who was first married to Bertrand de Villeneuve Bargemont and subsequently to Édouard Stern; Cécile, who married Emmanuel Renom de La Baume; Nathalie, who became the spouse of Olivier Merveilleux du Vignaux; and Agathe David-Weill.
The French government recognized him with the titles of Commander of the Legion of Honor and Commander of the Ordre des Arts et des Lettres, representing the country’s most prestigious cultural awards.
Michel David-Weill passed away at his residence in Manhattan on June 16, 2022, at the age of 89.