William R. Hagaman Jr., has been elected the next managing partner of accounting firm WithumSmith+Brown.

The firm’s co-founder, Ivan Brown, will assume the role of managing partner emeritus when Hagaman takes over the top spot on Jan. 1, 2010. Brown will continue to serve the firm and its clients, and advise the partner group.

"While I continue to be actively involved, it is time to turn over our firm’s management to Bill, who is a natural choice to lead us into its next generation," said Brown. "We all look forward to the continued success and growth of the firm, and to the many great years the practice will have under his leadership.”

Brown was one of the three original founders of the firm in 1974, when it had just six employees. During his tenure, the firm grew its revenue from $6 million to $70 million, and expanded into 13 offices across six states.

Hagaman joined WS+B in 1980, soon after graduating from college, and has been a member of the management team for over 20 years. He is currently partner-in-charge of the firm’s New Brunswick, N.J., office. He has over 30 years of professional experience and is a licensed CPA in New Jersey, New York and Florida, specializing in merger and acquisition services and international business.

“This is a moment in time when our firm will celebrate Ivan’s contributions, whose pursuit of exceptional client service, consistent staff development practices and tireless counsel has become the model for all of us at WithumSmith+Brown,” he said in a statement.

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