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Michel David-WeillInvestment Banker
Date of Birth: 23.11.1932
Country:  France |
Content:
Investment banker
Michel David-Weill was born in 1932 in Paris, France, to Berthe Haardt and Pierre David-Weill. His father was the chairman of Lazard Frères, a powerful investment bank. Inheriting shares of the bank from his father, Michel became the largest shareholder of Lazard in New York and Paris, as well as the last heir to this family banking empire that had lasted for almost 150 years.
Childhood
Michel's childhood coincided with the period of World War II. At the age of 11, he, along with his mother and sister, had to live in a village in the southwest of France. After the war, the entire family moved to New York City.
Education
Michel received his education at the Lycée Français de New York before continuing his studies at l'Institut d'Etudes Politiques in Paris.
Chairman of Lazard
In 1977, Michel became the chairman of Lazard. Under his leadership, the company began to thrive and gain influence in the global financial space. This success was largely attributed to Felix Rohatyn, a prominent investment banker and talented financier. Rohatyn managed to strengthen the financial power of the bank by merging its American, French, and English branches. As a result, Lazard's profits increased from $5 million in the late 1970s to $500 million by the end of the 1990s.
Downfall of the empire
After Rohatyn's departure, the fortunes of the banking empire declined. Multiple strategic blunders exacerbated conflicts within the management and among employees, as well as a deep enmity among its leaders. It was during this time that Michel David-Weill made one of the biggest mistakes of his career by hiring Bruce Wasserstein as the CEO of the empire. Wasserstein, against Michel's wishes, managed to outmaneuver him. The conflict between David-Weill and Wasserstein became fierce, and Michel repeatedly expressed regret for hiring him. It was rumored, however, that Michel himself was quite cunning, and his working methods, ostentatious lifestyle, and constant psychological games made the company revolve around him until it eventually fell apart.
Later years
Michel retired from the company in 2005. It is known that he has been married to Hélène Marie Lehideux since 1956, and they have four children. Currently, Michel serves as one of the directors of Groupe Danone.
