Ken Moelis to step down as CEO of Moelis & Co. Oct. 1, WSJ reports

Ken Moelis (MC) plans to step down as CEO of Moelis & Co. on October 1, becoming executive chairman, The Wall Street Journal’s Lauren Thomas reports. Navid Mahmoodzadegan, currently Moelis co-president and another of the bank’s co-founders, is expected to take over as CEO and join the bank’s board of directors, while Jeff Raich, the other co-president and co-founder, is being tapped as executive vice chairman. Ken Moelis told The Wall Street Journal in an interview that he expects the “smoothest transition ever in the history of Wall Street.”