Morris, Nichols, Arsht & Tunnell partner Michael Houghton, a veteran of Delaware policy and political circles, is taking the helm of the Delaware Economic and Financial Advisory Council with an eye toward expanding the body's influence and the input it uses to make key revenue projections for state officials.

The shake-up came earlier this month, when Gov. John Carney announced Houghton would take over the DEFAC chairmanship from Joshua W. Martin III, a retired Superior Court Judge who held the post for eight years under former Gov. Jack Markell.

Such changes are common in new administrations, but Houghton's appointment comes at a time of fiscal reckoning, as lawmakers confront a $385 million budget gap and reassess the state's economic condition going forward.