Derek J. Hardesty, 41, a partner and the director of strategic projects at King & Spalding, has been appointed chief operating officer, King & Spalding announced today. He replaces Patrick C. Glisson, who retired at the end of 2011 after 12 years as the firm’s COO. In his new role, Mr. Hardesty will oversee the non-legal operations of the firm.
Mr. Hardesty joined the firm in 1995 as an associate in the products liability practice. After spending several years at McKinsey & Co. as a management consultant, he returned to the firm and practiced in the private equity arena before moving into firm management on a full-time basis in 2002. He was elected a partner in 2006 and most recently served as the firm’s director of strategic projects, where he worked closely with the firm’s chair, policy committee and practice and office leaders to design and execute the firm's strategy.
Two financing transactions on which King & Spalding advised in 2011 were selected as Deals of the Year by Islamic Finance News. The awards were announced in a special edition of the publication last week.
The closing of a revolving syndicated Murabaha financing facility on behalf of AK Bars Bank, a commercial bank in the Republic of Tartarstan in Russia, was selected by Islamic Finance News as the Europe Deal of the Year. This landmark deal represents the first-ever syndicated Murabaha financing out of Russia and allows AK Bars Bank to have Shariah compliant funds in anticipation of future Islamic investments.
Islamic Finance News Deal of the Year for Turkey was Kuveyt Turk Katilim Bankasis US$350 million certificates (Sukuk) which listed on the London Stock Exchange. The transaction was the first of its kind in a number of respects: it was first asset-backed Sukuk out of Turkey, the first Sukuk structured in accordance with and in compliance with the revised Turkish Rental Certificates legislation and the first Sukuk-issued pursuant to revised tax legislation.
Representation for both matters was led by King & Spalding partner Rizwan Kanji and senior associate Lidia Kamleh of the firms Dubai office. King & Spalding partner Sergey Komolov, and senior associate Kristina Kondruseva of the firms Moscow office provided Russian law advice on the AK Bars bank deal.
Islamic Finance News established its Deals of the Year Awards in 2006 to recognize those who have participated in the industry's most groundbreaking transactions. Only a single transaction is chosen to receive the annual award in each category.