Eduardo Mestre has stepped down as day-to-day head of Evercore Partners Inc's U.S. investment banking business, the New York-based company said in a regulatory filing.
Mestre, who joined the rapidly growing investment bank in 2004 after 25 years at Citigroup
He will retain the title of senior managing director and focus on client relations and mentoring of senior Evercore personnel, while relinquishing all management and policy-making functions, the filing said.
Mestre, 63, was traveling on Friday and not available for comment, according to a person who answered his business phone.
Mestre, who received $4.9 million in total compensation in 2010, the last year for which Evercore has disclosed compensation, will continue to be paid a salary of $500,000 per year and receive a bonus at the company's discretion, according to the filing.
Evercore ranked ninth as an adviser on U.S. merger and acquisition deals in 2011, ahead of UBS
Evercore is currently advising private equity firms Advent International and Goldman Sachs Capital Partners Fund on their pending acquisition of TransUnion Corp, and Kinder Morgan Inc on its planned takeover of El Paso Corp. Mestre, a graduate of Yale University with a law degree from Harvard, had been advising AT&T on its now-scotched acquisition of T-Mobile and is working with McGraw-Hill on the pending spin-off of its education division, according to his biography on the company's website.
(Reporting By Jed Horowitz; Editing by Steve Orlofsky)