A&O's Duncan takes helm in banking shake-up
Allen & Overy (A&O) has overhauled its banking executive team and ditched the three-pronged structure in-troduced just two years ago.
Banking rainmaker Mike Duncan has taken over as non-executive chairman, replacing Jonathan Brayne, who took the helm in May 2003 from David Morley.
Stephen Gillespie, the group's managing partner for strategy, has been appointed to the newly-created role of strategy development partner, leaving the group with just one managing partner in Christopher Rushton.
It is understood that, as the end of the banking executive's three-year tenure approached, neither Brayne nor Gillespie wanted to stand for re-election. Brayne, though, remains an independent member of the partnership board.
An A&O source said the new two-tier structure of one non-executive and one executive role prevailed after soundings from the banking group.
Meanwhile, Andrew Ballheimer has been appointed as the corporate managing partner for operations. He has taken over from Stuart Harray, who is leaving in the summer to return to New Zealand.
