Kennedys chief exec Guy Stobart steps down as firm says it has 'no current plans' to replace him
Kennedys chief executive Guy Stobart is set to step down from the job at the end of the year.
November 04, 2014 at 08:21 AM
2 minute read
Kennedys chief executive Guy Stobart is set to step down from the job at the end of the year.
Stobart (pictured), who has been chief executive at Kennedys since he joined the firm from Burges Salmon in 2009, will continue to work for the firm on a consultancy basis until April 2015.
Kennedys said it had "no current plans" to replace Stobart, with the departing chief executive telling Legal Week that the firm was "taking the opportunity to reflect" on its governance model and would not be "rushing into a decision".
At Burges Salmon, Stobart won three terms as managing partner, between 1995-1999 and 2001-2009. He first became a partner at Burges Salmon in 1986.
During his five year tenure at Kennedys turnover has nearly doubled from £68m in 2008-09 to £128.5m in 2013-14, while headcount has increased from 796 to more than 1250. The firm has also opened five new offices in Europe and Latin America.
As chief executive, Stobart's achievements include developing the firm's business services team, making operational improvements to its finance function, executing its global practice management system and agreeing an outsourcing agreement with third-party provider Integreon.
Stobart also introduced agile working and oversaw a large-scale IT upgrade at the firm.
He said: "I have decided that the time is right to take up some new challenges – I think that five years is a sensible span of time in a management role. I am proud of how Kennedys has developed and feel comfortable that it is heading in the right direction."
Stobart added that he is now considering his next move.
Kennedys senior partner Nick Thomas said: "Guy has made a very valuable impact on Kennedys' business, having been part of taking a great business and making it ever stronger. I wish him well in whatever he chooses to do next and thank him for the commitment he has made to Kennedys' growth agenda."
The news comes days after the firm's conversion to an alternative business structure (ABS) took effect, having been granted a licence by the Solicitors Regulation Authority.
In 2013-14 the firm posted 9.9% growth in turnover, which increased to £128.5m, with its UK operations contributing £98.3m. Profit per equity partner however dropped by 2.6% to £418,000.
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