Heidrick & Struggles International Inc. (NASDAQ: HSII) announced President and CEO Krishnan Rajagopalan will retire after more than 23 years with the company. Taking over the CEO role will be Thomas Monahan III, who will also join the board. The Chicago-based provider of executive search also announced it expects fourth-quarter net revenue to be between $240 million and $260 million, which is within guidance.

Rajagopalan will step down as president and CEO from the board effective March 4. He will retire from the company effective April 1, though he will continue to serve as an advisor.

“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,” Chairman Adam Warby said.

New CEO 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 the Corporate Executive Board.

In addition, Heidrick announced Tom Murray will become company president effective March 4 and report to Monahan. Murray currently serves as global managing partner of executive search.

“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,” Warby said. “We are also fortunate to benefit from Tom Murray’s expertise as he assumes the role of president.”

Both Rajagopalan and CFO Mark Harris will be on a conference call on Feb. 26 when Heidrick discusses earnings.

Krishnan Rajagopalan

Thomas Monahan III

Tom Murray