Ken Moelis to step down as CEO of eponymous investment bank

Ken Moelis is stepping down as CEO of the investment bank he co-founded.

Moelis & Co. in New York said in a press release that Moelis, who has led the firm since 2007, will step down and become executive chairman on Oct. 1.

Navid Mahmoodzadegan, the firm’s co-founder and co-president, will become the CEO and join the board, while Jeff Raich, co-founder and co-president, will become executive vice chairman and continue to lead key businesses.