SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 17, 2000
LEHMAN BROTHERS HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-9466 13-3216325
(Commission File Number) (IRS Employer Identification No.)
3 World Financial Center
New York, New York 10285
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code:
(212) 526-7000
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Item 5. Other Events
On April 17, 2000, Lehman Brothers Holdings Inc. (the "Registrant") issued
a press release, a copy of which is attached as an exhibit.
Item 7. Financial Statements and Exhibits
(c) Exhibit
The following Exhibit is filed as part of this Report.
99.1 Press Release
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
LEHMAN BROTHERS HOLDINGS INC.
By: /s/ Oliver Budde
---------------------
Oliver Budde
Vice President
Date: April 17, 2000
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EXHIBIT INDEX
Exhibit No. Exhibit
Exhibit 99.1 Press Release
Exhibit 99.1
[GRAPHIC OMITTED]
For Immediate Release Media Contact: William J. Ahearn
(212) 526-4379
LEHMAN BROTHERS ANNOUNCES
STRATEGIC AND ORGANIZATIONAL DEVELOPMENTS
NEW YORK, April 17, 2000 -- Lehman Brothers, the global investment banking firm,
today announced several strategic and organizational developments designed to
build on the Firm's growth and success, including the creation of a global
capital markets division; the realignment of several key strategic functions,
including the appointment of a new senior officer for e-commerce initiatives;
the expansion of the Firm's Executive Committee to include direct global
representation; and the addition of seven new members to the Firm's Operating
Committee.
"These changes not only emphasize the importance of Lehman's global businesses
and its e-commerce initiatives, but also significantly broaden the senior
leadership of the Firm," said Richard S. Fuld, Jr., Lehman Brothers' Chairman
and Chief Executive Officer.
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Developments/Page 2
Corporate
Effective immediately, Joseph M. Gregory, a 27-year veteran of the Firm and
member of Lehman's Executive Committee, has been named Chief Administrative
Officer. As CAO, he replaces John L. Cecil, who has decided to step down from
his operational responsibilities, and will serve as an advisor to the Chairman
of Lehman Brothers through the transition.
Mr. Gregory has held a number of senior management positions for the Firm over
the years. Prior to assuming his new position, he headed the Global Equity
Division, with additional responsibilities for Public and Investor Relations,
and Corporate Services. For the past four years under Mr. Gregory's leadership,
the Firm's Equity business has dramatically increased its performance, tripling
revenues. Before assuming those responsibilities, Mr. Gregory was head of the
Firm's Fixed Income Division.
David Goldfarb will become Lehman's CFO, a position also held by Mr. Cecil. Mr.
Goldfarb has been with Lehman Brothers for six years, serving as the Firm's
Controller and as CFO of Lehman Brothers Inc., the broker-dealer. Prior to
joining Lehman Brothers, Mr. Goldfarb was a partner at Ernst & Young, where he
was employed for 14 years. Mr. Goldfarb will become a member of the Operating
Committee, and will report directly to Mr. Fuld.
James A. Rosenthal, who recently joined Lehman Brothers and is a member of its
Operating Committee, will concentrate on Corporate Strategy and E-commerce,
reflecting the Firm's commitment to the continued evolution and success of the
franchise. Mr. Rosenthal, who will report directly to Mr. Fuld, had previously
been a director at McKinsey & Co.
Jeremy M. Isaacs will assume responsibility for Lehman Brothers' Asian
operations,
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Developments/Page 3
expanding his current role as head of Lehman's activities in Europe, and will
join the Firm's Executive Committee. Jarett F. Wait will continue as Chief
Executive Officer of Lehman Brothers Asia.
Capital Markets
The Firm's trading and sales businesses will be restructured through the
creation of a new Capital Markets Division that will include the Fixed Income,
Equity and Private Client Services divisions. Capital Markets will be co-headed
by Lehman Brothers Executive Committee members Jeffrey Vanderbeek and Stephen M.
Lessing. Mr. Vanderbeek, who formerly headed the Fixed Income Division and has
been with the Firm for 17 years, will focus on the daily operations of the
Firm's Equity and Fixed Income businesses. Mr. Lessing, who has been with the
Firm for 20 years and who has been instrumental in building Lehman's capital
markets businesses, will focus on the Firm's Private Client Services Division
and on Senior Global Client Relations.
Under Mr. Vanderbeek, the Equity Division will be run on a day-to-day basis by
Robert S. Shafir and Roger B. Nagioff; Fixed Income will be run on a day-to-day
basis by Theodore P. Janulis and Herbert H. McDade, III. Based in the U.S., Mr.
Shafir currently heads Equity Trading; Mr. Nagioff heads the Equity business in
Europe. Mr. Janulis currently heads Lehman's mortgage businesses, and Mr. McDade
heads the Firm's credit businesses. In recognition of the importance of their
new roles, Messrs. Shafir, Nagioff, Janulis and McDade will become members of
the Firm's Operating Committee.
Investment Banking In investment banking, Bradley H. Jack will continue in his
role as Global Head of Investment Banking and a member of the Lehman Brothers
Executive Committee. In addition, J. Stuart Francis and Paul Zoidis will become
members of the Firm's Operating Committee. Based in San Francisco, Mr. Francis
has been with Lehman
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Developments/Page 4
Brothers since 1991, and has responsibility for the Investment Banking
Division's Global Technology franchise. Mr. Zoidis, who has been with the Firm
for 19 years, has responsibility for Global Communications and Media investment
banking activities.
Private Equity
Michael F. McKeever will continue in his role as the head of the Private Equity
Division, and as a member of the Lehman Brothers Executive Committee.
"The broadening of our senior management base, through the expansion of our
Operating Committee, will give us a stronger management structure to continue to
succeed in meeting our goals well into the future," Mr. Fuld said. "Although we
will miss John Cecil in his former roles, we are fortunate to have senior
business leaders with proven track records who will be able to take on new
challenges to move us forward. These changes will create the next generation of
leadership for the Firm."
Lehman Brothers (NYSE: LEH) is a global investment bank with leadership
positions in corporate finance, advisory services, private equity, municipal
finance and fixed income and equity sales, trading and research. Lehman Brothers
serves the financial needs of corporate, government and institutional clients,
and high-net-worth individuals through offices in major financial centers
worldwide.
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