Allen & Overy (A&O) global international capital markets chief David Krischer has stepped down from the role, handing the reins to David Benton and Simon Hill.

Krischer has led the global group since 2006. He was appointed to lead it for a second and final term in 2010 following a consultation among the firm's capital markets partners. A&O's governance dictates that departmental heads can serve a maximum of two terms.

Benton (pictured) and Hill formally took up their roles as practice co-heads last month following a contested election, in which they stood as a duo. The firm did not disclose the names of the other candidates, or how many stood against the pair.

Krischer will continue as A&O's US managing partner. He was appointed to manage the firm's offices in New York and Washington for a four-year term last year.

Benton, who was worked at A&O since 1988, was promoted to the partnership in 1997. Hill started working for the firm a year after Benton joined, and was made up in 1999.

Benton specialises in derivatives and structured finance transactions. He has recently been involved with mandates relating to the European sovereign debt crisis, including representing the International Swaps and Derivatives Association's (ISDA) Determinations Committee in 2012, which at the time ruled that Greece had not defaulted on its debts. He regularly acts for ISDA and advises the body on documentation, regulatory and law reform activities.

Hill advises on all types of new issuance and acts for trustees in connection with defaults and restructurings.