(Reuters) -Ken Moelis is planning to step down as the chief executive officer of his investment bank Moelis & Co ( MC ), the Wall Street Journal reported on Monday.

The veteran dealmaker is expected to become the executive chairman on October 1, the report said, citing an interview.

Co-founder and co-president Navid Mahmoodzadegan is likely to succeed Moelis as the CEO, the report said.

The bank did not immediately respond to a Reuters request for comment.