Castle Harlan is moving onto its second succession plan in four years, as Justin Wender has resigned from the firm and its associated companies, according to a statement Thursday night. Howard Morgan and Bill Pruellage were named co-presidents, replacing Wender, effective immediately. Both Morgan and Pruellage are senior managing directors at the firm.

Mergers & Acquisitions spoke briefly with a spokesman, who could not comment about what precipitated the move. Wender, in the press release, stated: “After 17 years at Castle Harlan, I have made the difficult decision that it makes sense for me to move on… I expect to assess and announce my next steps in due course.”

Wender assumed the role of president at the firm in 2006, at the age of 37. At the time, his promotion was billed as a succession plan, replacing co-founder Leonard Harlan as president.

Wender had moved quickly up the ranks at the firm, ascending to the role of senior managing director by the age of 35.

The firm, after a lengthy stretch on the market also announced that it has officially closed its fifth fund, which has $700 million of capital remaining in its coffers. A Form D filing submitted in February had identified that the New York firm closed on $716 million at the time, while earlier filings had identified an original $1.5 billion target for the vehicle.

Castle Harlan, late last month, exited its six-year investment in garden toolmaker Ames True Temper, selling the company to strategic Griffon Corp. for $542 million.