Exclusive: Manches CEO steps down
06 July 2012
Judith Petho, Chief Operating Officer at
Manches, is leaving the firm after just over 18 months for an unspecified "
new commercial venture".
Manches had hoped that the
CMS Cameron McKenna lawyer turned corporate strategist would kick the firm into shape. But she is packing up her bags and flip charts after just over 18 months on the job. Although Petho's tenure
seems positively lengthy compared to her predecessor, former Orrick Europe managing officer Alexandrina Le Clezio, who quit as CEO after just six months in the job.
According to a spokesman for the firm "
Judith’s input in refocusing Manches on its core client sectors and revamping the operational side of the business into a modern corporate structure is now substantially complete". She will be heading off to commercial pastures new later in the summer, after she has passed the reins to the current London and Thames Valley Managing Partners Melvin Pedro and Richard Smith.
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A Manches CEO yesterday
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Despite all the cheery job done bluster and we "
wish her the very best", 18 months seems a short time to get Manches back on track. The firm has had a tough few years with turnover declining since 2008 and reaching a five year low of £31m in 2010. It has suffered star partner defections (with one partner hired to fill the gap also leaving after just a year),
redundancies, and a
property associate stealing over £60k from the firm. And last year raised eyebrows when it took out a hefty £7m overdraft.