Proskauer Rose Chairman Steven Ellis will step down in April ahead of the end of his term because of a health-related issue, he told the firm Wednesday.
“This is not a decision that I have taken lightly and, while I will be fine, I will be turning my attention to my health,” he said in a memo viewed by Bloomberg Law. “Doing so will not allow me to devote the time and energy that the role of chair requires and deserves.”
Proskauer will elect a new leader in January who will take over in April, the firm said in a statement. “Ellis will remain an active leader in the firm, bringing his vision and extraordinary talent to bear, just as he has for the last 20 years,” the firm said.
Ellis took on the role of chair in January 2020, succeeding Joseph Leccese. Ellis joined Proskauer in 2004 and helped form the firm’s private credit group.
Over Ellis’ tenure as leader, the firm jumped from $989 million in gross revenue to $1.24 billion, according to figures reported by the American Lawyer.
“Proskauer is in a strong position as we continue to grow our high value practices and strengthen our industry leadership,” Ellis said in his memo.
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