Offshore firm Walkers has overhauled its senior management team and elected both a new global managing partner and a new chairman.

Managing partner Grant Stein is to become the Cayman Islands' firm's chairman from 1 July, replacing current postholder Wayne Panton, who is retiring after more than 20 years as a lawyer with the firm.

With Stein taking up the chairman role, Walkers has also elected a new global managing partner, with Cayman Islands head Diarmad Murray to replace Stein in the post. Murray will continue to serve as Caymans head as well as global managing partner. Both are due to serve three-year terms starting from 1 July.

Other management changes will see the firm's practice managing partner, Jonathan Tonge, swapping roles with regions managing partner Ian Ashman. Tonge's new role will see him relocating from the Caymans to Jersey, where he will also head the local office. Ashman will remain in Dublin.

Stein said: "On behalf of the partners I would like to thank Wayne for his outstanding contribution to the firm over the past 23 years, during which time Walkers transformed from a small local practice into a global industry leader.

"We are delighted to have Diarmad taking over the reins as global managing partner, following the unanimous support of the partnership. He has done an excellent job in reshaping the Cayman Islands office over the past two years and our senior management team is extremely strong as we embark on the next phase of the firm's growth."

Walkers' senior management structure comprises five key roles: chairman, global managing partner, and heads of regions, practices and clients. Client managing partner Mark Lewis will continue in his role.

Panton has been global chairman at the firm since the role was created in 2008.