A new managing principal has taken the reins at Baker Newman Noyes.

Dayton Benway succeeds Carl Chatto at the helm of the Portland accounting and advisory firm. Benway will set the strategy and direction of the nearly 25-year-old company.

“Our profession and the business world in general are changing rapidly, and to meet the demands of tomorrow we must adapt,” Benway said in a statement announcing his appointment. “The next chapter of BNN will bring intentional and strategic growth internally and externally.”

Benway, who has more than 21 years advising clients on health care financial management issues, will continue to serve as director of the firm’s growing health care advisory group. He joined BNN in 2000 in its health care advisory group.

Chatto served as managing principal following the retirement of firm co-founder Eleanor Baker in 2016 and will continue to serve clients as a principal in the audit practice.

BNN employs about 160 people in Portland and 273 total. It has been named one of the country’s top 100 accounting firms for three consecutive years by Accounting Today, an industry publication.