Privately-held executive search firm Egon Zehnder announced that Rajeev Vasudeva, who has served as the CEO of Egon Zehnder since 2014, will step down at the end of October.

Hunt Scanlon reports that Vasudeva’s resignation comes after losing an election to become the next chair to Jill Ader. In a memo, Ader said that Vasudeva had decided to resign as he felt it was “timely and appropriate for him to hand over the baton as CEO.”

Ader’s election victory means she will become the first female chair of the firm and will also be the first person to hold this role without having previously served as CEO.

According to the Financial Times, Vasudeva will remain a senior partner. In the memo, Ader said that this would enable the firm to “continue to benefit from his wisdom, experience and global client relationships”.

“He (Vasudeva) has been instrumental in shaping our growth strategy, including the broadening of our identity as leadership advisers,” Ader said. “Most importantly, our global team and market positioning have never been stronger. It is a testament to his leadership that 2018 is likely to be the best year in the firm’s history, both in terms of revenues and profits.”