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CORRECTION: Main company name corrected as well as company logo changed.

William Buchanan resigned as the Chief Executive Officer of Lazard Capital Markets. The head of the closely-held brokerage firm quit his post after the firm had conducted its strategic review.

Buchanan joined Lazard in 2006. Prior to Lazard, Buchanan worked with the Cowen Group. Buchanan headed the firm's equity capital markets and also served as a member of Cowen's executive committee.

Lazard Capital Markets spokesman Scott Sunshine said Buchanan would be replaced by Scott McLaughlin and William Rosenberg. They would be acting as co-CEOs for the company. McLaughlin would still serve as the Head of Equities while Rosenberg would remain as the Chief Financial Officer and Chief Operating Officer of the firm.

In May, the broker, which is controlled by current and former employees of Lazard Capital, had said it was in the process of looking into a possible joint venture, sale or capital injection from a partner. Sunshine confirmed that the brokerage had reduced its sales, trading and research division. It had also outsourced its clearing and settlements unit.