Joseph Gatto, chairman of the global mergers and acquisitions group, and Ros Stephenson, global co-head of the financial sponsors group, were both appointed as co-heads of the firm’s corporate finance sector, in addition to their existing roles.
As part of their new role, Ms Stephenson will be responsible for maintaining relationships with the world’s leading buy-out firms, alongside Mr Gatto, a former Goldman Sachs banker. They will both report to Skip McGee, the global head of investment banking.
According to the Financial Times, the departure of Mr Young was unexpected and he left abruptly following a ‘strategic disagreement with management.’
Lehman shares fell by 1.3% to $83.30 after Mr Young’s departure.
