PJT Partners named Steve Zelin as head of its restructuring and special situations group succeeding longtime group head Tim Coleman effective January 1. Coleman has been named global chairman of the group.
Zelin is one of the longest serving members of the PJT restructuring group, having worked for Blackstone’s restructuring group for 17 years before it was merged with PJT in 2015. Prior to joining Blackstone, he was a partner in Ernst & Young’s restructuring group.
Among his largest transactions, Zelin has worked on restructurings at Calpine, Energy Future Holding, Caesars Entertainment, Abitibi Bowater, Enron and Washington Mutual.
Martin Gudgeon will remain head of the restructuring group in Europe.
In his new role, Coleman will work on firm-wide initiatives and act as a “brand ambassador” for PJT, according to an internal memo obtained by IFR. He will also remain involved in helping win mandates and complete select transactions as well as work with global teams to enhance collaboration and expand market share.
PJT was ranked third in completed restructuring transactions according to Thomson Reuters for the first nine months of 2017.