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.