Heidrick amp; Struggles International, Inc. (ticker: HSII, exchange: NASDAQ) News Release - 13-Feb-2001
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Heidrick & Struggles Reports Record 2000 Fourth Quarter And Full Year Revenue And Earnings
CHICAGO, Feb. 13 /PRNewswire/ -- Heidrick & Struggles International, Inc. (Nasdaq: HSII), the world's premier executive search and leadership consulting firm, today announced record revenue and earnings for the 2000 fourth quarter and full year. In the 2000 fourth quarter, diluted earnings per share were $0.40, an increase of 21 percent from $0.33 in the 1999 fourth quarter. Consolidated revenue grew 31 percent to $148.0 million, up from $113.3 million in the comparable quarter of 1999. Net income was $8.3 million, an increase of 47 percent from $5.7 million in last year's fourth quarter.
On an adjusted basis, diluted earnings per share for the twelve months ended December 31, 2000, were $1.60, an increase of 36 percent from $1.18 for the comparable period of 1999. Revenue grew 36 percent to $594.4 million, up from $435.8 million in 1999. Net income was $32.6 million, an increase of 67 percent from $19.6 million for 1999. (For further explanation of "adjusted" and "adjusted basis," see the Special Notes section at the end of the release.) Results reflect the pooling of interests merger in the 1999 third quarter with Sullivan & Company, a leading financial services executive search firm.
"It's been a remarkable twelve months of growth and expansion, and we have outperformed on practically every expectation. We focused on quality execution in our core executive search business and made substantial progress in developing LeadersOnline," said Patrick S. Pittard, Chairman, President and Chief Executive Officer of Heidrick & Struggles International (HSI Group). "But 2000 is behind us and we are now focused on advancing our position further in 2001. We will continue to focus our efforts on building the best executive search and leadership consulting firm globally, and we will continue to maintain the highest levels of quality our client organizations expect. We will also continue our strategy to build out our human capital services."
Diluted earnings per share for the core business, Heidrick & Struggles Executive Search, were $0.46 in the 2000 fourth quarter, excluding $0.05 in losses generated by LeadersOnline. Gains from the sale of equity in connection with the warrant program were not a factor in the quarter. In the 1999 fourth quarter, diluted earnings per share for the core executive search business were $0.36.
Revenue for Executive Search grew 28 percent to $142.8 million in the 2000 fourth quarter, up from $111.4 million in the 1999 fourth quarter. Net income was $9.5 million in the 2000 fourth quarter, an increase of 53 percent from $6.2 million a year ago. Confirmed searches increased 37 percent from the 1999 fourth quarter and average fees per search declined 6 percent.
2000 Fourth Quarter Performance by Geographic Segment
Revenue from Executive Search in the U.S. rose 30 percent to $81.6 million, compared to $62.9 million in the 1999 fourth quarter, led by the Consumer Products, Healthcare, Industrial and Technology practice groups. In the Americas-Other segment (Canada and Latin America), revenue grew 10 percent to $5.6 million, compared to $5.1 million in the 1999 fourth quarter.
Revenue in the Europe segment (which also includes Africa and the Middle East) increased 26 percent to $47.4 million -- compared to $37.5 million in the 1999 fourth quarter -- due to particularly strong performance from the Financial Services, Technology and Industrial practice groups. Excluding the impact of foreign currency translation into the U.S. dollar, revenue increased 48 percent on a local currency basis over the comparable quarter in 1999. In Asia Pacific, revenue grew 40 percent to $8.2 million, compared to $5.9 million in the 1999 fourth quarter.
LeadersOnline Results
LeadersOnline generated revenue of $5.1 million in the 2000 fourth quarter, compared to $1.9 million in the 1999 fourth quarter. LeadersOnline reported a pre-tax loss of $1.8 million versus a pre-tax loss of $1.3 million in the 1999 fourth quarter. Losses were $0.05 per share compared to $0.04 per share in the 1999 fourth quarter. The company continues to focus on becoming profitable: the fourth quarter loss was significantly lower than the $2.7 million adjusted pre-tax loss in the 2000 third quarter.
For the twelve months ended December 31, 2000, LeadersOnline reported revenue of $20.2 million compared to $2.6 million for the 1999 year. On an adjusted basis, LeadersOnline's pre-tax loss was $12.9 million for the 2000 year. In 1999, LeadersOnline's pre-tax loss was $5.2 million. Losses were $0.41 per share for the 2000 year compared to $0.17 per share for 1999. During the twelve months ended December 31, 2000, LeadersOnline confirmed 485 new searches, with an average annual compensation level of $135,900 per placement. For the 2001 year, LeadersOnline continues to expect to break even no later than the 2001 third quarter.
Twelve-Month Consolidated Results
For the 2000 year, Heidrick & Struggles Executive Search confirmed 7,816 searches, an increase of 28 percent over the 6,110 confirmed searches in 1999. Average fees per search increased 4 percent to $73,500 compared to $70,900 in 1999. As of December 31, 2000, Heidrick & Struggles employed 510 executive search consultants, a 30 percent increase over the 391 consultants employed as of December 31, 1999.
On an adjusted basis for the twelve months ended December 31, 2000, diluted earnings per share for Executive Search were $1.81, an increase of 37 percent from $1.32 during the comparable period of 1999. This excludes $0.20 in income from the warrant program and $0.41 in losses generated by LeadersOnline.
On a reported basis for the twelve months ended December 31, 2000, diluted earnings per share were $0.95 versus $0.42 for the 1999 year. Revenue grew 43 percent to $594.4 million from $415.8 million for the 1999 year. Net income was $19.4 million versus $5.8 million for the 1999 year.
Warrant Program
For the twelve months ended December 31, 2000, the sale of equity obtained in search assignments resulted in a pre-tax gain of $7.2 million, net of administrative and other costs of the warrant program and consultant bonuses, or $0.20 per diluted share. This amount is included in Other Non-Operating Income on the income statement. In addition to its normal cash fees, Heidrick & Struggles receives warrants for equity in connection with searches conducted for pre-public as well as some public firms, and has been expanding the program around the world.
Consolidated Outlook
For the 2001 year, Heidrick & Struggles presently expects consolidated diluted earnings per share to be approximately $2.00. The current First Call consensus estimate for the 2001 year is $1.95 per diluted share, with a range of $1.85 to $2.04 per diluted share. LeadersOnline still expects to break even no later than the 2001 third quarter. For the 2001 first quarter, Heidrick & Struggles currently anticipates earning between $0.25 and $0.29 per diluted share.
"January started slowly, but that month seldom is an indication of the quarter or the year. In terms of earnings, our first quarter is historically the smallest of the year and we are facing difficult comparisons against last year's first quarter. However, revenue is picking up and our CEO searches remain very active," said Pittard. "While we don't think we are immune to an economic downturn, we do believe that our core business has some inherent natural resistance because of the high-end market we serve, as well as our geographic and industry practice diversification. In addition, our cost structure has some built-in variability, which mitigates some of the effects of a downturn. We remain cautiously optimistic about our earnings prospects in 2001. As the market leader in top-level executive search, and given our present financial strength, we look at an economic downturn as an opportunity."
Webcast of Investor Call Available
To review its fourth quarter and full year earnings results, the company will provide a real-time investor call webcast on Wednesday, February 14, at 9:00 a.m. (CST). The webcast will feature remarks by Pat Pittard, Chairman, President and Chief Executive Officer, and Don Kilinski, Chief Financial Officer. The live webcast will be available online at http://www.heidrick.com . A replay will be available for 30 days following the investor call.
Special Notes
References to "adjusted" and "adjusted basis" information above apply to figures that exclude current and prior period nonrecurring items, including a $14.0 million nonrecurring charge in the 2000 third quarter related to the decision to retain proprietary control -- and therefore withdraw the planned IPO -- of LeadersOnline. Further, "adjusted" and "adjusted basis" information assumes the merger of Heidrick & Struggles, Inc. ("H&S Inc.") and Heidrick & Struggles International, Inc. ("HSI") occurred on January 1, 1999.
The merger, completed on February 26, 1999, combined the operations of H&S Inc., which operated in all regions of the world except Europe, with Europe-based HSI, which previously had been approximately 35 percent owned by H&S Inc.
About Heidrick & Struggles International, Inc. (HSI Group)
Heidrick & Struggles International, Inc. (HSI Group) is the world's premier provider of executive-level search and leadership consulting services. More than 1,100 Heidrick & Struggles professionals operate from offices in over 75 locations throughout North and South America, Europe, the Middle East, Africa and Asia Pacific. Our core business -- Heidrick & Struggles Executive Search -- has been an industry leader for nearly 50 years, specializing in chief executive, board member and senior level management assignments for a broad spectrum of clients: multi-national corporations, mid-cap and start-up companies, not-for-profit entities, educational institutions, foundations, associations and governmental units. We are expanding our range of complementary services to offer solutions to senior management teams for their human capital needs. LeadersOnline, our Internet-based recruiting business, serves clients who seek the next generation of corporate leaders. We are capitalizing on our access to the highest level of our clients' organizations through Heidrick & Struggles Ventures, our unit responsible for alliances and investments. For more information about HSI Group, visit our web site at http://www.heidrick.com .
Safe Harbor Statement
This news release contains forward-looking statements. 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," "intends," "plans," "believes," "seeks," "estimates," and similar expressions. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed, forecasted or implied in the forward-looking statements. Factors that may affect the outcome of the forward-looking statements include, among other things, our ability to attract and retain qualified executive search consultants; a material economic downturn in the United States or Europe, or social or political instability in overseas markets; bad debt write-offs far in excess of allowances for doubtful accounts; continued increased acceptance of online recruiting; losses in our venture capital investments; an inability to control expenses; and delays in the development and/or implementation of new technology and systems. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended December 31,
2000 1999 %Change
Revenue $147,961 $113,264 30.6%
Operating expenses:
Salaries and employee benefits 95,971 75,733 26.7%
General and administrative
expenses 40,516 29,023 39.6%
Total operating expenses 136,487 104,756 30.3%
Operating income 11,474 8,508 34.9%
Non-operating income (expense):
Interest income 3,001 1,574 90.7%
Interest expense (42) (206) -79.6%
Other, net 183 273 -33.0%
Net non-operating income 3,142 1,641 91.5%
Income before income taxes 14,616 10,149 44.0%
Provision for income taxes 6,284 4,485 40.1%
Net income $8,332 $5,664 47.1%
Basic earnings per common share $0.43 $0.34 26.5%
Basic weighted average
common shares outstanding 19,343 16,663 16.1%
Diluted earnings per common share $0.40 $0.33 21.2%
Diluted weighted average
common shares outstanding 20,752 17,368 19.5%
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME, AS ADJUSTED
(Excluding one-time adjustments and assuming completion of the merger
of H&S and HSI and public company status at January 1, 1999)
(In thousands, except per share data)
Twelve Months Ended December 31,
2000(A) 1999(B)(C) %Change
Revenue $594,394 $435,832 36.4%
Operating expenses:
Salaries and employee benefits (D)(E) 395,105 292,496 35.1%
General and administrative
expenses (F) 156,242 110,585 41.3%
Total operating expenses 551,347 403,081 36.8%
Operating income 43,047 32,751 31.4%
Non-operating income (expense):
Interest income 8,723 3,513 148.3%
Interest expense (209) (1,560) -86.6%
Minority interest 208 -- --
Other, net 7,369 630 1069.7%
Net non-operating income 16,091 2,583 523.0%
Income before income taxes (G) 59,138 35,334 67.4%
Provision for income taxes 26,499 15,741 68.3%
Net income $32,639 $19,593 66.6%
Basic earnings per common share $1.72 $1.20 43.3%
Basic weighted average
common shares outstanding (H) 18,979 16,326 16.3%
Diluted earnings per common share $1.60 $1.18 35.6%
Diluted weighted average
common shares outstanding (H)(I) 20,389 16,596 22.9%
(A) Amounts exclude the $14.0 million nonrecurring charge ($13.2 million after tax) the Company incurred during the third quarter of 2000 as a result of the withdrawal of LeadersOnline's IPO. This included a non-cash compensation charge of $12.2 million which represents the remainder of the non-cash compensation charge related to the issuance of options by LeadersOnline, at a price below the deemed fair market value for accounting purposes, at the time of issuance. The remaining $1.8 million is due to the write-off of expenses related to the planning of the IPO.
(B) Amounts assume that the merger of H&S and HSI had occurred on January 1, 1999.
(C) Amounts exclude merger costs of $2.8 million ($1.9 million after tax) for the year ended December 31, 1999, arising from the merger of HSI and Sullivan & Company on September 1, 1999. The merger costs consist of (1) a $2.0 million non-cash charge for accelerated vesting of an employee equity ownership program in place at Sullivan and (2) $0.8 million of transaction-related costs, including legal, accounting and advisory fees. This transaction was accounted for using the pooling of interests method.
(D) Amount excludes the $12.4 million nonrecurring Mulder charge ($0.75 per share on a diluted basis) for the year ended December 31,1999. This charge is the result of the modification of the terms of the Mulder and Partner acquisition agreement, including the termination of all employment contingencies. It represents the write-off of $2.9 million of deferred compensation assets, the settlement of the remaining cash due of $4.3 million and the issuance of 428,452 common shares (worth $5.2 million) to the previous owners of Mulder. In addition, $0.9 million of deferred compensation expense relating to the acquisition has been excluded for the year ended December 31, 1999.
(E) Amount includes a non-cash compensation charge of $2.7 million ($0.13 per share on a diluted basis) for the year ended December 31, 2000. This charge is due to the issuance of options by LeadersOnline, at a price below the deemed fair market value for accounting purposes, at the time of issuance.
(F) Amount has been adjusted to include amortization related to acquired intangibles and goodwill arising from the merger of H&S and HSI of $0.2 million for the year ended December 31, 1999.
(G) Equity in net loss of affiliate has been eliminated for the year ended December 31, 1999 to reflect 100% ownership of HSI after the merger.
(H) Amount has been adjusted to give effect to the initial public offering of 3.7 million shares and issuance of 0.7 million shares under the Company's GlobalShare plan as of January 1, 1999. In addition, the year ended December 31, 1999 has been adjusted for the issuance of 0.5 million shares on June 1, 1999 which arose from the exercise of a portion of the over-allotment option granted to certain underwriters of the initial public offering.
(I) Amount has been adjusted to give effect to the issuance of options pursuant to the Company's GlobalShare plan equivalent to 0.3 million shares for the year ended December 31, 1999, under the treasury stock method.
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
SEGMENT INFORMATION, AS ADJUSTED (A)
(In thousands)
Three Months Ended December 31,
2000 1999
2000 1999 %Change Margin Margin
Revenue
Americas
United States $81,601 $62,939 29.7%
Other 5,624 5,133 9.6%
International
Europe 47,371 37,470 26.4%
Asia Pacific 8,227 5,868 40.2%
Total Executive Search 142,823 111,410 28.2%
LeadersOnline 5,138 1,854 177.1%
Total Company $147,961 $113,264 30.6%
Operating Income (Loss)
Americas
United States $12,368 $7,320 69.0% 15.2% 11.6%
Other 482 1,767 -72.7% 8.6% 34.4%
International
Europe 5,119 4,558 12.3% 10.8% 12.2%
Asia Pacific 1,063 908 17.1% 12.9% 15.5%
Total Executive Search 19,032 14,553 30.8% 13.3% 13.1%
LeadersOnline (1,873) (1,276) 46.8% -- --
Corporate (5,685) (4,769) 19.2% -- --
Total Company $11,474 $8,508 34.9% 7.8% 7.5%
Twelve Months Ended December 31,
2000 1999
2000 1999 %Change Margin Margin
Revenue
Americas
United States $341,553 $256,394 33.2%
Other 21,858 17,342 26.0%
International
Europe 176,431 138,865 27.1%
Asia Pacific 34,361 20,614 66.7%
Total Executive Search 574,203 433,215 32.5%
LeadersOnline 20,191 2,617 671.5%
Total Company $594,394 $435,832 36.4%
Operating Income (Loss)
Americas
United States $58,552 $38,638 51.5% 17.1% 15.1%
Other 2,556 3,466 -26.3% 11.7% 20.0%
International
Europe 17,926 9,666 85.5% 10.2% 7.0%
Asia Pacific 5,367 2,944 82.3% 15.6% 14.3%
Total Executive Search 84,401 54,714 54.3% 14.7% 12.6%
LeadersOnline (13,203) (5,157) 156.0% -- --
Corporate (28,151) (16,806) 67.5% -- --
Total Company $43,047 $32,751 31.4% 7.2% 7.5%
(A) Excludes all one-time adjustments and assumes the merger of H&S and
HSI had occurred on January 1, 1999.
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Twelve Months Ended December 31,
2000 1999 %Change
Revenue $594,394 $415,847 42.9%
Operating expenses:
Salaries and employee benefits:
Salaries and employee benefits (A) 395,105 277,580 42.3%
Nonrecurring compensation charges
(B)(C)(D) 12,222 14,448 -15.4%
General and administrative
expenses:
General and administrative
expenses 156,242 104,144 50.0%
Nonrecurring general and
administrative charges (B)(C) 1,753 772 127.1%
Total operating expenses 565,322 396,944 42.4%
Operating income 29,072 18,903 53.8%
Non-operating income (expense):
Interest income 8,723 3,513 148.3%
Interest expense (209) (1,504) -86.1%
Minority interest 208 -- --
Other, net 7,369 630 1069.7%
Net non-operating income 16,091 2,639 509.7%
Equity in net loss of affiliate -- (630) --
Income before income taxes 45,163 20,912 116.0%
Provision for income taxes 25,746 15,120 70.3%
Net income $19,417 $5,792 235.2%
Basic earnings per common share $1.02 $0.42 142.9%
Basic weighted average
common shares outstanding 18,979 13,642 39.1%
Diluted earnings per common share $0.95 $0.42 126.2%
Diluted weighted average
common shares outstanding 20,389 13,889 46.8%
(A) Amount includes a non-cash compensation charge of $2.7 million ($0.13 per share on a diluted basis) for the year ended December 31, 2000. This charge is due to the issuance of options by LeadersOnline, at a price below the deemed fair market value for accounting purposes, at the time of issuance.
(B) The Company incurred a $14.0 million nonrecurring charge ($13.2 million after tax) during the third quarter of 2000 as a result of the withdrawal of LeadersOnline's IPO. This included a non-cash compensation charge of $12.2 million which represents the remainder of the non-cash compensation charge related to the issuance of options by
LeadersOnline, at a price below the deemed fair market value for accounting purposes, at the time of issuance. The remaining $1.8 million is due to the write-off of expenses related to the planning of the IPO and is included in nonrecurring general and administrative charges.
(C) The Company incurred merger costs of $2.8 million ($1.9 million after tax) during the third quarter of 1999 as a result of the merger with Sullivan & Company on September 1, 1999. The merger costs consist of (1) a $2.0 million non-cash compensation charge for accelerated vesting of an employee equity ownership program in place at Sullivan and (2) $0.8 million of transaction-related costs, including legal, accounting and advisory fees which are included in nonrecurring general and administrative charges.
(D) The Company incurred a $12.4 million nonrecurring compensation charge during the first quarter of 1999 as a result of the modification of the terms of the Mulder and Partner acquisition agreement, including the termination of all employment contingencies. This nonrecurring charge represents the write-off of $2.9 million of deferred compensation assets, the settlement of the remaining cash due of $4.3 million, and the issuance of 428,452 common shares (worth $5.2 million) to the previous owners of Mulder.
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2000 1999
Current assets:
Cash and cash equivalents $184,836 $76,848
Accounts receivable, net of
allowance for doubtful accounts 106,334 83,162
Other receivables 7,357 4,241
Prepaid expenses 11,783 7,583
Deferred income taxes 26,071 19,881
Total current assets 336,381 191,715
Property and equipment, net 52,660 52,352
Other assets:
Cash and investments designated for
nonqualified retirement plans 16,506 32,702
Investments and other assets 45,097 11,772
Deferred income taxes 6,792 376
Goodwill & other intangibles, net 66,208 45,832
Total other assets 134,603 90,682
Total assets $523,644 $334,749
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Current liabilities:
Current maturities of long-term debt $1,135 $3,039
Accounts payable 10,051 8,052
Accrued expenses-
Salaries and employee benefits 160,552 100,762
Other 27,888 14,964
Income taxes payable 16,415 10,891
Total current liabilities 216,041 137,708
Long-term debt, less current maturities 610 --
Liability for nonqualified retirement plans 19,316 29,161
Stockholders' equity 287,677 167,880
Total liabilities and
stockholders' equity $523,644 $334,749
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
EXECUTIVE SEARCH, LEADERSONLINE AND EQUITY GAIN BREAKOUT
Three months ended December 31, 2000
(in thousands, except per share data)
Executive
Consolidated LeadersOnline Search
Revenue $147,961 $5,138 $142,823
Operating expenses
Salaries and employee benefits 95,971 3,936 92,035
General and administrative expenses 40,516 3,075 37,441
Total operating expenses 136,487 7,011 129,476
Operating income (loss) 11,474 (1,873) 13,347
Non-operating income (expense):
Interest income 3,001 19 2,982
Interest expense (42) -- (42)
Equity gains (154) -- --
Other, net 337 33 304
Net non-operating income 3,142 52 3,244
Income (loss) before income taxes 14,616 (1,821) 16,591
Provision for (benefit from) income
taxes 6,284 (783) 7,133
Net income (loss) $8,332 $(1,038) $9,458
Diluted EPS $0.40 $(0.05) $0.46
Diluted Shares Outstanding 20,752 20,752 20,752
EPS Reconciliation
Executive Search $0.46
LeadersOnline (0.05)
Equity Gains --
Consolidated - Total Company (A) $0.40
(A) Note, does not add due to rounding.
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME, AS ADJUSTED
EXECUTIVE SEARCH, LEADERSONLINE AND EQUITY GAIN BREAKOUT
Twelve months ended December 31, 2000
(in thousands, except per share data)
Executive
Consolidated LeadersOnline Search
Revenue $594,394 $20,191 $574,203
Operating expenses
Salaries and employee benefits 395,105 15,902(A) 379,203
General and administrative expenses 156,242 17,492 138,750
Total operating expenses 551,347 33,394 517,953
Operating income (loss) 43,047 (13,203) 56,250
Non-operating income (expense):
Interest income 8,723 65 8,658
Interest expense (209) -- (209)
Minority interest 208 208 --
Equity gains 7,159 -- --
Other, net 210 31 179
Net non-operating income 16,091 304 8,628
Income (loss) before income
taxes 59,138 (12,899) 64,878
Provision for (benefit from) income
taxes 26,499 (4,479) 27,899
Net income (loss) $32,639 $(8,420) $36,979
Diluted EPS $1.60 $(0.41) $1.81
Diluted Shares Outstanding 20,389 20,389 20,389
EPS Reconciliation
Executive Search $1.81
LeadersOnline, excluding
non-cash compensation charge (0.28)
LeadersOnline non-cash
compensation charge (0.13)
Equity Gains 0.20
Consolidated - Total Company $1.60
(A) Includes a non-cash compensation charge of $2.7 million related to the issuance of options by LeadersOnline, at a price below the deemed fair market value for accounting purposes, at the time of issuance.
SOURCE Heidrick & Struggles International, Inc.
CONTACT: Eric Sodorff, 312-496-1613, or email, esodorff@heidrick.com, or Analysts, Barry Hollingsworth, 312-496-1723, or email, bhollingsworth@heidrick.com, both of Heidrick & Struggles