Greenhill & Co. promoted three dealmakers to replace Dhiren Shah, the head of its technology, media and telecommunications team, who’s leaving, according to a person with knowledge of the moves.
Bryce Dakin, who joined the New York-based takeover adviser in February, will lead global technology banking from San Francisco, said the person, asking not to be identified discussing personnel matters. Greg Miller will oversee media deals, while Gil Ha handles telecommunications.
Greenhill had consolidated those industry groups under Shah, who quit as head of Morgan Stanley’s technology banking team in 2005 to join the smaller firm. The boutique, founded by former Morgan Stanley banker Robert Greenhill, drew 1 percent of advisory revenue from technology deals in 2014, according to its website. Media and communications accounted for 12 percent.
Chief Executive Officer Scott Bok has reshaped management as the firm trails rivals in a year when dealmaking is on pace to reach a record. The stock tumbled 11 percent this year through last week, and earnings have missed analysts’ estimates the past three quarters. Lazard Ltd., the largest independent merger adviser, is up 13 percent this year, and Evercore Partners Inc. has climbed 9.8 percent.
Bok promoted Kevin Costantino and David Wyles to presidents to “facilitate the continued long-term growth and development of the firm,” the company said last week.
While technology, media and telecommunication industries are related, managers concluded it makes more sense for the three to each have their own dedicated leader, the person said. In other industries, Greenhill advised Actavis Plc last year on its more-than $20 billion takeover of Forest Laboratories Inc. This year, Greenhill has advised Teva Pharmaceuticals Industries Ltd. during takeover talks.
Before joining Greenhill, Dakin spent 11 years at boutique GCA Savvian Advisors. Miller, based in New York, joined in 2004 after leaving Credit Suisse First Boston. Ha, who will be based in New York and London, came in 2008 from Evercore. He previously worked at Rohatyn Associates and as Deutsche Bank AG’s co-head of telecommunications banking in the Americas.