Heidrick & Struggles International, Inc. (ticker: HSII, exchange: NASDAQ) News Release - 16-Mar-2000
--------------------------------------------------------------------------------
Heidrick & Struggles Attributes Number One Ranking to Strategic Successes Worldwide
CHICAGO--(BUSINESS WIRE)--March 16, 2000--
Strong Client Relationships, High-Caliber Service and Addition of Top-Level Recruiters Drive Continuing Growth
Heidrick & Struggles International, Inc. (Nasdaq: HSII) attributes its number one ranking in the executive search industry to its strong client focus and high-caliber service delivered by its worldwide network of premier executive recruiters.
"It is gratifying that we have official acknowledgement from Hunt-Scanlon of something we have known for some time - that Heidrick & Struggles International is the world's largest executive search firm," said Patrick S. Pittard, President and Chief Executive Officer of Heidrick & Struggles International, Inc. "Our healthy growth can largely be attributed to our strong client relationships, supported by an unprecedented level of high-caliber service that clearly positions Heidrick & Struggles as the leader in executive search."
Hunt-Scanlon Advisors ranked Heidrick & Struggles the number one executive search firm in the U.S. and worldwide based on an analysis of 1999 revenues of the world's major executive recruitment firms.
Pittard continued: "Our size reflects the success of our strategic focus on being the best executive search firm. Being the largest firm, however, is not our strategy. Rather, Heidrick & Struggles has succeeded and continues to succeed by aligning our interests closely with those of our clients."
Heidrick & Struggles' record earnings and revenue growth indicate continued interest in traditional executive recruitment services, according to Hunt-Scanlon. In the U.S., Heidrick & Struggles reported calendar year revenues of $259.0 million in 1999. This figure includes $2.6 million in fees generated by LeadersOnline, the firm's Internet-based recruiting service for middle management. Globally, Heidrick & Struggles reported total revenues of $435.8 million in 1999.
Heidrick & Struggles' reputation as the executive search firm of choice for top-level engagements in a variety of industry practices and functions - including technology and e-commerce - as well as its unwavering attention to quality, has driven the firm's growth. Over the past five years, Heidrick & Struggles' revenue has increased at a compound average annual growth rate of more than 25%. Almost all of this growth has been internally generated, with the remainder contributed by several key acquisitions in the past few years.
"The country's executive search industry achieved an historic milestone in 1999 with the top 10 largest U.S. recruiting firms exceeding the $1 billion mark for the first time. This statistic is remarkable given that it took the combined revenues of the top 25 firms in 1998 to break the $1 billion mark," said Brian Lee, Chief Market Strategist of Hunt-Scanlon Corporation. "Smart companies have learned that having the right management team in place from the get-go can quickly move a company into a market leadership position. Executive recruiters, like Heidrick & Struggles, are clearly playing a pivotal role in helping many new companies achieve early market leadership positions."
About Heidrick & Struggles International, Inc.
Heidrick & Struggles International (Nasdaq: HSII) is the world's leading executive search firm, specializing in chief executive, board of directors and senior level management assignments. Today, over 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, please visit our web site at www.heidrick.com.
CONTACT: Heidrick & Struggles International, Inc.
Jennifer Silver (media), 404/577-0959
E-mail: jsilver@heidrick.com
or
Lynn McHugh (analysts), 312/496-1593
E-mail: lmchugh@heidrick.com