Heidrick & Struggles International, Inc. (ticker: HSII, exchange: NASDAQ) News Release - 20-Mar-2000
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Executive Recruiter News Ranks Heidrick & Struggles the Leading Search Firm in the U.S. and Worldwide
CHICAGO--(BUSINESS WIRE)--March 20, 2000--
Executive Recruiter News Identifies Trends That Predict Continued
Expansion and Growth in the Executive Search Industry
For the second straight year, Executive Recruiter News (ERN) ranked Heidrick & Struggles International, Inc. (Nasdaq: HSII), the number one executive search firm in the U.S., and for the first time in years, number one in the world. In its March 2000 "Exclusive Rankings Issue," ERN announced marked growth for the entire executive search industry in 1999. The largest U.S. firms reported average 1999 revenue growth of 12 percent, while leading global search firms reported 20 percent growth worldwide.
Heidrick & Struggles recorded U.S. revenue growth of 34.3 percent in 1999, and worldwide growth of 27.5 percent.
"Executive Recruiter News' definitive rankings recognize the success of our strategy to be the highest quality search firm in the world. Heidrick & Struggles is well-positioned within all of our key markets and practice areas to continue our growth," said Patrick S. Pittard, President and Chief Executive Officer of Heidrick & Struggles International, Inc. "Heidrick & Struggles continues to be the worldwide leader in executive recruiting, based on our unmatched experience in the marketplace and our understanding of the Digital Economy."
"1999 was a very pivotal year for Heidrick & Struggles and for the executive search industry. There's no question that Heidrick & Struggles is now the largest retained executive search firm, both in the U.S. and worldwide," said Joseph Daniel McCool, Editor of Executive Recruiter News. "We believe the alignment of Heidrick & Struggles' U.S. and European operations, the firm's Initial Public Offering and the significant growth of its technology and e-commerce practices are primary drivers for the firm's leadership.
McCool continued: "More and more companies realize that high-caliber executive talent is a critical factor for success in the burgeoning knowledge economy. This realization, in addition to the U.S.' economic expansion, is paying dividends for today's busy search professionals."
Executive Recruiter News, published by Kennedy Information LLC of Fitzwilliam, N.H., and New York City, has been conducting its industry rankings since 1970.
ERN projects increased demand and growth for the executive search industry in 2000. Major milestones and trends for the industry include:
-- The North American executive search industry's revenues surpassed $8.7 billion in 1999.
-- Worldwide executive search industry revenues are predicted to grow by 16 percent in 2000.
-- U.S. executive search industry revenues are predicted to grow by 10 percent in 2000.
-- The U.S. Department of Labor projects an average annual growth of 421,000 general manager and top executive-level job openings between 1998 and 2008.
-- International demand for executive search services is increasing due to renewed business confidence in Mexico and Brazil, resurgence of Asian economies and rise of the European Union as a technology economy.
About Heidrick & Struggles International
Heidrick & Struggles International is the world's leading executive search firm, specializing in chief executive, board of directors and senior level management assignments. Today, more than 800 Heidrick & Struggles professionals serve a broad range of organizations including Fortune 500 companies, financial institutions, major health care organizations, universities and not-for-profit organizations, leading mid-cap companies, and emerging growth companies from offices in more than 70 locations throughout North and South America, Europe, the Middle East, Africa and Asia Pacific. For more information about Heidrick & Struggles, visit our web site at www.heidrick.com.
CONTACT: Heidrick & Struggles International
Jennifer Silver (media) 404/572-0019 Lynn McHugh (analysts) 312/496-1593