HSF joint CEOs Gavin Bell and David Willis will retire from the firm next year, the firm has announced.  A process will be initiated to replace Bell and Willis with effect from 1 May 2014 and no decision has yet been made as to whether the joint CEO model will be retained.

Willis’ original tenure as managing partner of Herbert Smith had been due to end in April 2013 and he had agreed to a one-year extension because of the merger.  The firm added in a statement that Bell had decided to step down for personal reasons. “[Bell] suffered a major health issue earlier this year and although he has now fully recovered, in light of that event he wants to devote more time to his family,”  the statement said.

The outcome of the CEO appointment process is expected to be complete by the end of the year.