CDI Corp. (NYSE: CDI), a Philadelphia-based provider of engineering and IT staffing, initiated a process to explore strategic alternatives, including the potential sale of the company. CDI engaged investment banking firm Houlihan Lokey as financial advisor to assist in exploring the potential sale.

Two CDI shareholders in December called on the engineering and IT staffing provider to evaluate strategic alternatives, including a possible sale, and announced they intend to nominate independent directors for election at CDI’s 2017 annual meeting of shareholders.

As part of a strategic alternatives review, the shareholders also demanded the board suspend its search for a permanent CEO. In September, President and CEO Scott Freidheim resigned from the firm and CFO Michael Castleman was promoted to president and interim CEO.

“As the board carefully considers potential strategic avenues to enhance value, the management team and the thousands of associates at CDI remain focused on our ongoing transformation to accelerate growth and expand profitability,” Castleman said. “We are excited about the company’s prospects and ability to enhance shareholder value under our transformation strategy, regardless of the outcome of a strategic alternative process.”

CDI this month reported revenue fell 22.3% year over year in the fourth quarter. The decline was 13.1% when adjusted for sale of its UK-based subsidiary, CDI AndersElite Ltd., which the company sold to the Anders management team and employees in September 2015.