Evercore names Dawn and Nataraj co-presidents as Weinberg commits to at least three more years as CEO

Evercore's board has named Nigel Dawn and Naveen Nataraj co-presidents of the investment bank, effective Jan. 1, 2027, the company said on Sunday, Oct. 18, 2026. Both will report to chairman and chief executive John Weinberg, who has agreed with the board to stay in both roles for at least the next three years.

Who gets which job

Dawn built Evercore's Private Capital Advisory business, which now has teams in the United States, Europe and Singapore. He will become chairman of that unit and stay close to its clients. Nataraj has advised some of the firm's most important clients on deals across a wide range of industries, the company said, and he will keep advising clients and working in its investment banking business.

The announcement also rearranges the U.S. banking group below them. Daniel Mendelow becomes the sole head of U.S. investment banking, which Evercore describes as its largest business. Jason Sobol becomes chairman of U.S. investment banking and will work closely with Eduardo Mestre, who remains chairman of global investment banking.

Why add a layer now

Evercore's founder and senior chairman, Roger Altman, framed the change as a matter of size. "Evercore is a different firm today, even compared with three years ago. It is much larger, broader and more global, and is competitively stronger," he said in the release. "The firm will benefit from additional management resources to support John, and today's announcement reflects that need."

The firm's own results support the point about scale. Net revenue in the first half of 2026 rose 56% from a year earlier to $2.38 billion under U.S. accounting rules, a record for the period, according to its second-quarter report. Second-quarter net revenue rose 19% to $990.2 million. Growth did not reach every line, though: on the same basis, second-quarter operating income slipped to $146.6 million from $150.4 million, and the operating margin narrowed to 14.8% from 18%.

Headcount has grown too. Evercore counted 188 senior managing directors in investment banking as of June 30, including bankers who had committed to join, up from 159 a year earlier. Hiring has continued since. In October the firm announced three more senior managing directors, two in aerospace and defense and one in Frankfurt, plus a senior adviser, Hans Vestberg.

What the three-year commitment settles

Weinberg has been chairman and chief executive since February 2022, after sharing the CEO role from July 2020, according to Evercore's 2026 proxy statement. Before joining Evercore he was vice chairman of Goldman Sachs. The proxy listed him as 69 years old in April; Altman, who founded Evercore in 1995, was 80.

Evercore did not describe either co-president as a successor to Weinberg, and it set out no plan beyond his three-year commitment. What the announcement does settle is who runs the firm in the near term, while putting two internal bankers one level below the chief executive in roles that span the whole firm rather than a single business.

What to watch next

Evercore is scheduled to report third-quarter results at 6:45 a.m. Eastern on Oct. 28 and to hold a conference call at 8 a.m. That call is the first scheduled chance for analysts to ask management how the two co-presidents will split their work.