Ken Moelis Plans to Step Down as CEO of His Investment Bank (2)

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.

Moelis had been saying for years that he would step down before he turned 65 to focus more on mergers and acquisitions. Mahmoodzadegan and Jeff Raich, both of whom helped found the ...