Krishnan
Rajagopalan, President and Chief Executive Officer, to
Retire
Thomas L. Monahan III Appointed Chief
Executive Officer
Tom Murray,
Global Managing Partner of Executive Search, Promoted to
President
Preliminary Fourth Quarter Net Revenue Results
Expected to be $240 Million -
$260 Million, In Line with Previously
Issued Guidance
CHICAGO, Jan. 23,
2024 /PRNewswire/ -- Heidrick & Struggles
International, Inc. (Nasdaq: HSII), a premier provider of global
leadership advisory and on-demand talent solutions, today announced
that President and CEO Krishnan
Rajagopalan has decided to retire, after more than 23 years
with the Company. Rajagopalan will step down as President and CEO
and from the Board, effective March 4,
2024, and will retire from the Company as of April 1, 2024, after which he will continue to
serve as an advisor, working closely with clients around the world.
Following a planned succession process, the Board has appointed
Thomas L. Monahan III to succeed
Rajagopalan as CEO and member of the Board, effective March 4, 2024. Monahan currently serves as
Managing Partner of Norton Street Holdings and was previously
President and CEO of DeVry University
and CEO and Chairman of CEB, formerly Corporate Executive Board,
where he helped grow the C-suite advisory company to serve over 90
percent of the Fortune 500.
The Company also announced that Tom
Murray, Heidrick & Struggles' Global Managing Partner of
Executive Search, will become the Company's President, reporting to
Tom Monahan, effective March 4, 2024. In addition to continuing to lead
Executive Search, Murray will have operational responsibility for
On-Demand Talent, Heidrick Consulting and Go-to-Market in his new
role.
"The Board of Directors, including Krishnan, have thoughtfully
and deliberately developed this succession plan, and we are
confident these leadership announcements position Heidrick &
Struggles for continued success well into the future," said
Adam Warby, Chairman of the Board of
Heidrick & Struggles. "Tom
Monahan is a proven and innovative executive with a deep
passion for the leadership arena and a unique view into what
matters – and what works – when driving corporate performance.
Tom's decades of experience in growing technology-enabled services
firms focused on delivering C-suite advice makes him the right
person to build on our strengths in leadership advisory and to
unlock transformative growth through our strategy of innovative
diversification. I am confident that Tom is the right person to
succeed Krishnan as CEO. We are also fortunate to benefit from
Tom Murray's expertise as he assumes
the role of President. His equally deep passion for leadership,
success in leading our executive search business and deep
understanding of our firm and the needs of this enormous market
will ensure seamless execution and a strong sense of culture as we
navigate this transition and grow in size and impact. As we embark
on this transition, I believe Heidrick & Struggles is
well-positioned to continue delivering value to shareholders and
clients as a leader in next generation talent advisory solutions
throughout the world."
Warby continued, "I want to thank Krishnan for his invaluable
contributions over the past 23 years and his tremendous dedication
to building the exceptional company that exists today. As one of
the most influential global advisors on talent and leadership,
Krishnan has helped transform the Company to be the preeminent
leadership advisory firm in the world. We are grateful for his
leadership and look forward to his guidance as an advisor."
Monahan said, "Anyone who knows me, understands that I am
passionate about the work of finding, developing, and supporting
great leaders. Heidrick & Struggles has shaped the leadership
advisory industry for decades. As a longtime client, I can see
endless possibilities to extend our strength in search, which will
continue to be the cornerstone of our strategy, and leverage our
diverse assets — including our On-Demand, Consulting and Digital
solutions — to deliver value for our clients and our shareholders,
and I look forward to leading the Company's talented team as we
help clients put the right leadership teams and strategies in place
to change the world."
Murray said, "I am grateful to have worked closely with Krishnan
and the Heidrick & Struggles team over the past six years as we
have built the Company with integrity, compassion and
professionalism. At Heidrick & Struggles, our biggest asset is
the amazing people we have across the globe. It is a privilege to
be in an expanded role and working deeper with our incredible teams
to synchronize going to market as one firm. I'm excited to work
with Tom to execute on our strategy to provide broad, comprehensive
solutions that enable our clients to meet the talent and human
capital challenges at the executive level."
Rajagopalan concluded, "Leading Heidrick & Struggles has
been a privilege, and I want to thank the global team for their
support on this journey. I am incredibly proud of what we have
achieved, how we have transformed the business through the
diversification of our offerings, the impact we have had on
clients, the growth and expanded diversity of our team, and the
culture that we have built. I am confident that Tom and Tom will
lead Heidrick & Struggles to its next chapter of growth and
client impact."
Thomas L. Monahan III Biography
Monahan has been an innovator in technology-enabled services
businesses for more than three decades. He currently serves as the
Managing Partner of Norton Street Holdings, a private investment
vehicle that engages with organizations that leverage intellectual
property, data, and technology to lift the performance of
outstanding professionals. Previously, he was the President and CEO
of DeVry University, where he guided
the university to digital innovation, sustained growth, outstanding
student success metrics, and financial strength as a newly
independent institution. Before joining DeVry in 2020, Monahan
spent more than two decades building and leading innovative
technology, data, and services companies, including serving as
Executive Chairman of Carlyle-backed digital engineering innovator
ProKarma and on multiple public and private boards. He was
previously CEO and Chairman of CEB, a C-suite advisory company that
equips leaders of global organizations with insights, tools and
actionable solutions to transform enterprise performance. Under
Monahan's leadership, CEB grew to nearly $1
billion in revenue and $3
billion in enterprise value, serving more than 10,000
companies globally, including 90 percent of the Fortune 500.
Tom Murray Biography
Based in Heidrick & Struggles' Boston office, Murray is currently the Global
Managing Partner of Executive Search. He is a member of the global
management committee and is responsible for leading the firm's
global executive search business and client operations. Previously,
Murray was the Global Managing Partner of the global Technology
& Services Practice. Prior to joining Heidrick & Struggles,
Murray was Chief Talent Officer and Senior Vice President of Global
Human Resources for Dell, focused on succession planning, talent
acquisition, learning & development, talent management and
human resources for global sales & marketing. Prior to that, he
was Chief Talent Officer for EMC, which merged with Dell in 2016
making it the world's largest privately controlled tech company at
the time.
Preliminary Fourth Quarter 2023 Results
On a preliminary basis for the fourth quarter of 2023, the
Company expects net revenue of $240
million to $260 million, which
is in line with previous guidance.
The Company will hold a conference call to discuss 2023 fourth
quarter and full year financial results on February 26. Krishnan
Rajagopalan will be joined by Mark
Harris, CFO, on the call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of
global leadership advisory and on-demand talent solutions, serving
the senior-level talent and consulting needs of the world's top
organizations. In our role as trusted leadership advisors, we
partner with our clients to develop future-ready leaders and
organizations, bringing together our services and offerings in
executive search, diversity and inclusion, leadership assessment
and development, organization and team acceleration, culture
shaping and on-demand, independent talent solutions. Heidrick &
Struggles pioneered the profession of executive search more than 65
years ago. Today, the firm provides integrated talent and human
capital solutions to help our clients change the world, one
leadership team at a time.® www.heidrick.com
Disclaimer and Safe Harbor Statement
The estimated financial results contained in this press release
are preliminary, and final results for the fourth quarter of fiscal
year 2023 may change. These preliminary results are based
upon our estimates and are subject to completion of our financial
closing procedures. In addition, these preliminary results
have not been audited by our independent registered public
accounting firm. This summary of recent results is not a
comprehensive statement of our financial results for the fourth
quarter of fiscal year 2023.
This press release contains forward-looking statements within
the meaning of the federal securities laws, including statements
regarding and the Company's expectations regarding the Company's
strategy and growth plans. The forward-looking statements are based
on current expectations, estimates, forecasts, and projections
about the industry in which we operate and management's beliefs and
assumptions. Forward-looking statements may be identified by the
use of words such as "expects," "anticipates," "sees", "intends,"
"plans," "believes," "seeks," "estimates," "outlook," "projects,"
"forecasts," "aim", "confident" and similar expressions.
Forward-looking statements are not guarantees of future
performance, rely on a number of assumptions, and involve certain
known and unknown risks and uncertainties that are difficult to
predict, many of which are beyond our control. Factors that may
cause actual outcomes and results to differ materially from what is
expressed, forecasted, or implied in the forward-looking statements
include, among other things, the recently-announced leadership
changes, as well as the uncertainties and other factors identified
in our Annual Report on Form 10-K for the year ended December 31, 2022, under the heading "Risk
Factors" in Item 1A, as updated in Part II of our subsequent
Quarterly Reports on Form 10-Q, and other filings with the
Securities and Exchange Commission. The forward-looking statements
contained in this press release speak only as of the date of this
press release. We undertake no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Heidrick & Struggles
Media Contact
Bianca Wilson, Director, Public
Relations, Americas
bwilson@heidrick.com
Investors & Analysts Contact
Steven Horwitz, Interim Head of
Investor Relations
shorwitz@heidrick.com
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SOURCE Heidrick & Struggles International, Inc.