Heidrick & Struggles Announces Planned Leadership Transition

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."

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