In June the 56-year-old Eads became chairman of Jefferies’ energy investment banking, the firm’s most important M&A advisory outfit, letting go of his title as global head of the group.
Two key deputies, Ajay Khurana and Peter Bowden, have been promoted to co-heads of energy investment banking to succeed him. Their official mandate is to maintain and grow Jefferies’ share of the brutally competitive energy investment banking market, particularly in debt and equity underwriting, where the firm has been relatively weak.
While Eads -- who will remain vice chairman of Jefferies -- is still de facto leader of the team he built and has essentially run as a firm-within-the-firm for a decade, the change means Khurana and Bowden have a subtler, touchier task: to prepare for the day Eads decides to move on. Eads says this isn’t happening any time soon.
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