Cleary Gottlieb Steen & Hamilton announced Monday that the Wall Street firm has elected private funds partner Michael Gerstenzang as its new managing partner, effective Jan. 1, 2017.

In his new leadership role, Gerstenzang replaces Mark Leddy, who was named Cleary Gottlieb’s managing partner back in late 2010. Leddy, an antitrust partner who works out of Washington, D.C., will remain with the firm. He maintained his practice throughout his two terms as managing partner and will continue to help lead Cleary Gottlieb’s global antitrust practice.