Roger Altman founded Evercore in 1995 after a long career on Wall Street and Washington. He’s now laying the groundwork to make sure it thrives after he exits.

Evercore will elevate a pair of executives, Ralph Schlosstein and John S. Weinberg, to be co-chief executive officers and co-chairs of the board, allowing the 74-year-old Altman, Evercore’s senior chairman, to take another step back from the firm he built into a small but notable player on Wall Street.