Ken Moelis Plans to Step Down as CEO of His Investment Bank

Ken Moelis, who became one of the most recognizable dealmakers on Wall Street in his four-decade career, will step down as CEO of his boutique investment bank effective Oct. 1.

The 66-year-old banker will take on the role of executive chairman at Moelis & Co., the company said in a statement Monday. Co-President Navid Mahmoodzadegan will become chief executive officer and join the bank’s board.