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US - Heidrick & Struggles CEO steps down

July 16 2013

Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) announced L. Kevin Kelly stepped down as CEO and a member of the board of directors effective July 15. However, Kelly will continue with the company as a senior partner in its CEO and board practice.

Heidrick also reported its board determined the company will continue as a stand-alone firm, putting to rest rumors of a possible sale. Heidrick also announced it expects 2013 second-quarter net revenue to be at the high end of its previous guidance range of $110 million and $120 million when results are reported later this month.

Kelly served as CEO since September 2006. He had served as president of Heidrick’s Europe, Middle East and Africa and Asia Pacific regions prior to that. Kelly joined the firm in 1997.

“Over the past seven years, Kevin has led Heidrick & Struggles through a very challenging period of macroeconomic uncertainty,” said company spokesperson Jennifer Nelson. “However, given the significant shifts in our industry and as Heidrick & Struggles turns to the next phase of our growth, Kevin and the board agree that this is the appropriate time to transition to new leadership.”

Heidrick named Jory Marino as interim CEO while a board search committee considers internal and external candidates for the job. Marino has served as Heidrick’s vice chairman and region leader, Americas, since Nov.14, 2012, and he is a senior member of the firm’s financial services practice. He has held a number of senior operating and practice leadership roles within the company, including functional practices, global CIO practice and managing partner, North America. Marino joined Heidrick & Struggles in 1999 when it acquired Sullivan & Co., where he was a founding partner and senior managing director.

Heidrick ranks No. 55 on Staffing Industry Analysts list of largest U.S. staffing firms.


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