Weil, Gotshal & Manges said Thursday that private equity partner Barry Wolf had been elected to the position of executive partner. Wolf, 50, will take over the role on Jan. 1 from Stephen Dannhauser, who will remain chairman and a member of the management committee. Wolf will focus on managing the firm and directing its strategy, while Dannhauser, 59, will work on developing and growing client relationships.

Dannhauser, who became executive partner 20 years ago and was later elected chairman, said he has no plans for retirement. The appointment of Wolf to executive partner is part of the firm’s overall succession plan. Dannhauser said the move would free him to focus more on client development. Consolidation in the financial sector has caused increased competition for work, Dannhauser said, adding, “Everybody agrees this should be my prime focus.”

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