Courtland Partners implements succession plan to expand firm ownership

Courtland Partners is implementing a succession plan that expands firm ownership retroactive to Jan. 1 to include Michael P. Murphy, managing director; Gianluca Romano, managing director of Europe; and Andrew J. Mitro, senior vice president, according to a news release.

At the same time, firm executives will continue to consider "strategic initiatives," including a merger or acquisition with another firm, according to a written statement in the news release by Steven C. Novick, managing principal of the real assets consulting firm.

Michael J. Humphrey, founder and managing principal of Courtland Partners, died suddenly in November. The Michael J. Humphrey estate, Mr. Novick, and Courtland EPPV 2016 LP, an employee profits interest plan will continue to own interests in the firm.

"Day-to-day management of Courtland Partners Ltd. is currently under the control of Steve Novick, Courtland's managing principal, and the Courtland management committee," said a Courtland spokeswoman who declined to be identified. She declined to comment further.

Firm executives have been discussing the succession plan since 2016. The plan was finalized in the second quarter of this year and became effective retroactive to Jan. 1.

Mr. Murphy has been at Courtland for 13 years, Mr. Mitro has been with the firm eight years and Mr. Romano, who leads Courtland's London office, 3 years.