Hogan Lovells has extended the terms of CEO Steve Immelt and deputy CEO David Hudd, the firm announced Thursday.
Immelt and Hudd will each serve an additional two years, with their terms now ending June 30, 2020. The pair were elected in July 2014.
Hogan Lovells chair Nicholas Cheffings said the firm’s partners felt “strength and consistency of leadership” was important for its strategy of delivering a “world-class” business. “This was not a difficult decision,” he added.
Immelt said that while much of his managerial focus has so far been on maximizing the combination between legacy Hogan & Hartson and London-based Lovells in 2010, there would now be a “shift of emphasis” toward ensuring that the firm is “fit for the future … in a challenging and competitive market.”
It also argued that the tie-up has on some counts underperformed and underdelivered, however, noting that the firm’s financial performance has lagged behind that of its key rivals and of the wider market, and that it has been largely frustrated in its attempts to build a transactional practice that would allow it to win roles on the highest-value deals.
Hogan Lovells earlier this week recruited former Federal Trade Commission chair Edith Ramirez as co-head of the firm’s antitrust, competition and economic regulation practice.