Top 100 Firm Baker Newman Noyes announced it is adopting a new leadership structure, effective Jan. 1, 2025, which will transition the Portland, Maine-based firm into being led by a board of directors rather than a singular leader.
The restructure comes after the firm's June announcement that managing principal Dayton Benway will be retiring at the end of the year, which will also retire the role within the firm, after serving in the position since 2019.
The board of directors will be responsible for overall vision and strategy, with current tax principal and director of tax services Andrew Smith serving as chairperson of the board, responsible for leading the board and internal and external firm communications.
BNN also appointed Darren Hurlburt, current chief financial officer and chief risk officer, into the newly created role of president, where he will manage day-to-day firm business.
"I am excited at the direction the firm has chosen for the leadership group," said Benway in a statement. "I have tremendous confidence in the Board to lead the firm with support from Andy and Darren in these new roles. During my six years as managing principal, our strong team of professionals has grown strategically, learned how to work differently, and developed new and innovative ways to provide value and build trust with each other, our clients, and our communities. This transition represents a continued alignment with where our firm is today and how we can best support the BNN of tomorrow."
Hurlburt returned to BNN in 2018 as CFO, after previously being a part of the audit department when the firm was founded in 1995. He will continue to focus on the finance function as he takes on the new role of president.
"On behalf of the entire BNN team, Andy and I thank Dayton for his incredible leadership since 2019," said Hurlburt in a statement. "He brought a transparent and employee-centric leadership style, which I admire and aim to continue during my time in this new role. I am humbled by the confidence the principals have shown in selecting me as the first president of the firm. This new structure allows us to maintain our current practice organization and independent ownership while positioning BNN for future growth and success in the rapidly changing accounting industry."
Smith, a principal and now chairperson of the board, began his career at BNN in 1998 and has served as director of tax services since January 2024. He advises clients in the hospitality, construction, real estate and professional services industries on succession planning, cost segregation studies and tax credit deals.
"This is an exciting time for the firm, and I am honored to be part of this strategic leadership transition," Smith said in a statement. "Everything we do is centered on delivering value for our clients and our people, and that is reflected in this decision. Our team continues to drive tremendous growth through our high-quality service and focus on listening to our clients' needs. As we enter a new decade, the diversity this leadership structure provides will allow us to continuously evolve and enhance our offerings to ensure BNN is well positioned to best serve our current and future clients, as well as remain a top place to work."
