BDO Stoy Hayward has announced that Shay Bannon is to take over from Simon Michaels as Head of Business Restructuring.

Bannon has been with BDO since 2001 and has been running the Lender Services team since 2004. Bannon has close ties with the big banks, which could prove useful in the current credit crunch situation.

Bannon steps into his new role from 1 April 2008 and will work closely with Simon Michaels to ensure a smooth transition, before Michaels takes over his new role as Managing Partner later in the year.

Bannon told Accountancy Age he does not anticipate making any major changes to the department: 'Turnover has gone up 60% in the last three years so I would aim to continue in that direction'.

He sees the emphasis remaining on advisory work and debt restructuring, with insolvency playing a part within that.

Bannon said that Michaels move to the top job was a reflection of the leadership skills recovery experts have to develop: 'Simon’s move is a reflection of what he has done over the last few years in managing stakeholders. In this job one is used to getting people to work together. I think the skills apply very well to the leadership of an organisation with diverse interests. We do a lot of coaxing and cajoling rather than using the big stick approach.'