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Denton Wilde Sapte (DWS) chief executive Virginia Glastonbury has withdrawn from December’s management elections.
Glastonbury announced the decision yesterday in an email to DWS partners.
The move comes only one month after Glastonbury indicated she would be standing for a second term as chief executive. It also coincides with an ongoing consultation process, which last month saw a memo critical of Glastonbury’s management style and of the firm’s constitutional structure, leaked.
"The firm would benefit from new energy and ideas from a new chief executive", the email stated.
Glastonbury, who has been in firm management since 1994, has overseen a dramatic period of development and consolidation at DWS. She was at the helm when the firm was formed in February 2000 through the merger of Denton Hall and Wilde Sapte
More recently, DWS has moved to implement structural change, including the introduction of four key sectors on which the firm will focus: banking, energy, real estate and retail and TMT.
This year, the firm axed its Asian network and most recently suffered the loss of 11 TMT partners to DLA (The Lawyer, 4 October). These partners insisted that disaffection with Glastonbury's management style was not the key reason behind their exit.
As yet, no candidates have indicated their intention to stand, although it is understood that if he did board member Martin Kitchen would be well supported. Corporate partner Richard Macklin is another whose name has been touted. Nominations close at the end of October.