Heidrick & Struggles Discloses Expected 2003 Second Quarter Charge of Approximately $5.5 Million Related to Separation Arrangements With Former Executives

CHICAGO, May 15 /PRNewswire-FirstCall/ -- Heidrick & Struggles International, Inc. (Nasdaq: HSII), the world's premier executive search and leadership consulting firm, disclosed in its Form 10-Q filed with the U.S. Securities and Exchange Commission today that it expects to incur a charge totaling approximately $5.5 million in the 2003 second quarter related to the separation arrangements with two former executives.

The company expects to incur a charge of approximately $3.9 million in connection with the separation arrangements with Piers Marmion, who served as Chief Executive Officer until his resignation on April 7, 2003.

In addition, the company expects to incur a charge of approximately $1.6 million in connection with the separation arrangements with former President and Chief Operating Officer David C. Anderson, who resigned on May 15, 2003.

Of the aggregate $5.5 million charge, approximately $4.5 million is expected to be cash.

About Heidrick & Struggles International, Inc.

Heidrick & Struggles International, Inc. is the world's premier provider of executive search and leadership consulting services. Currently, approximately 1,300 Heidrick & Struggles search professionals and employees operate from locations primarily in North America, Latin America, Europe, and Asia Pacific. For 50 years, Heidrick & Struggles has specialized in chief executive, board member and senior-level management search assignments for a broad spectrum of clients: multi-national corporations, mid-cap and start-up companies, nonprofit entities, educational institutions, foundations, associations and governmental units. The company is expanding its range of complementary services to offer solutions to senior management teams for their leadership needs, including executive assessment, interim executive placement, and professional development. For more information about Heidrick & Struggles, visit www.heidrick.com .

SOURCE Heidrick & Struggles International, Inc.