Lazard India, an investment banking firm, is on the look out for a new chief executive officer for its Indian operations.

The decision comes in the wake of the current CEO and managing director, Ashish Guha, along with two other managing directors, Amit Mukherjee and Sanjay Sakuja, deciding to depart from the company to pursue their individual goals.

Their departure will become effective from June 30, 2003. Udayan Bose, chairman, Lazard India, and managing director Lazard, UK, said, "Yes, three people have moved out and it is a mutual separation. All of them have made valuable contributions, but we respect their desire to pursue their own careers."

Ashish Guha said: "As a management team with a successful deal track record, we are exploring several options within investment banking. We will shortly announce our future plans. We have had a happy time at Lazard."

Bose said, "A new CEO has been identified and talks are at their final stages and an announcement will be made shortly. But since our clients are my prime concern, our two managing directors, Rajiv Saxena and Saurav Ghosh, and I will take over all current assignments. I will also be spending more time in India for the next few months till the new CEO is fully settled."

There have also been talks within the investment banking circles that probably Lazard is pulling out of India and scaling down its operations here.

Bose termed the rumours as false and speculative. "There is no truth in this," he said.

Lazard India was the merchant banker for the sale of Mangalore Refineries and Petrochemicals Ltd to the Oil and Natural Gas Corporation.

The company currently has the mandate for the privatisation of Shipping Corporation of India and the Indian Tourism Development Corporation.