McKinsey for executive talent and leadership strategy.

LinkedIn for C-suite and board executive search.

• Executive Search: Identifies and recruits C-suite and senior-level executives for clients across various industries globally.
• Leadership Consulting: Provides services such as leadership assessment and development, organizational design, culture shaping, and team effectiveness to enhance client performance.
• On-Demand Talent: Connects organizations with highly skilled independent professionals for interim, project-based, or contract roles.

Heidrick & Struggles International (symbol: HSII) primarily sells its executive search, leadership assessment, and culture shaping services to other companies.

As a global professional services firm, HSII's client base is highly diversified across numerous industries and geographies. Due to the nature of their business, client confidentiality, and the lack of customer concentration, Heidrick & Struggles does not have any single "major customer" company that accounts for 10% or more of its consolidated net revenue. This is consistently stated in their public financial filings (e.g., Form 10-K).

Therefore, it is not possible to identify and list specific major customer companies by name and symbol. Their customers are thousands of diverse organizations globally, spanning sectors such as financial services, consumer products, industrial, life sciences, technology, and many others.

• Microsoft (MSFT)
• Salesforce (CRM)

Tom Monahan, Chief Executive Officer

Tom Monahan became the CEO of Heidrick & Struggles in March 2024. He has a decades-long career of building and leading innovative technology, data, and services companies. Prior to joining Heidrick & Struggles, Monahan was the president and CEO of DeVry University, where he led the institution to digital innovation, sustained growth, and financial strength as a newly independent institution. He also served as the executive chair of digital engineering pioneer ProKarma. Before that, he spent over two decades as a leader, CEO, and chair of CEB, a C-suite advisory company. Under his leadership, CEB grew to serve more than 10,000 companies, including over 90 percent of the Fortune 500. Monahan has also served on the boards of both public and private-equity-backed companies, including Convergys (NYSE: CVG), Workforce Logiq, and Winsight. He currently serves on the board of TransUnion (NYSE: TRU) and is the executive vice chair of the DeVry University Board of Trustees.

Nirupam Sinha, Chief Financial Officer

Nirupam Sinha was appointed Chief Financial Officer of Heidrick & Struggles, effective January 6, 2025. He transitioned from his role as CFO of Checkout.com LLC, a global payments company, where he oversaw a team of more than 200 across various financial disciplines. His career spans nearly two decades and includes significant positions at T. Rowe Price Group, Inc., where he was Global Head of Product and held senior Finance and Strategy roles. Sinha was also a leader in the Wealth & Asset Management and Corporate Business Functions Practices at McKinsey & Company. He began his career at McKinsey & Company in the Financial Services Practice and also worked at Serent Capital as a private equity investor.

Tom Murray, President

Tom Murray serves as the President of Heidrick & Struggles. He also previously served as the global managing partner of Executive Search. In his role as President, he has operational responsibility for On-Demand Talent, Heidrick Consulting, and go-to-market strategies, in addition to continuing to lead Executive Search.

Tracey Heaton, Chief Legal Officer and Corporate Secretary

Tracey Heaton is the Chief Legal Officer and Corporate Secretary for Heidrick & Struggles.

The rapid advancement and widespread adoption of Artificial Intelligence (AI) and sophisticated data analytics tools in talent acquisition and leadership assessment presents a clear emerging threat.

Historically, a significant part of Heidrick & Struggles' value proposition lies in its human expertise for identifying, vetting, and matching top executive talent, along with providing leadership consulting. However, evolving AI platforms are increasingly capable of:

• **Automating Candidate Sourcing and Identification:** AI can swiftly scan vast databases, professional networks, and public information to identify potential candidates based on complex criteria, a process traditionally labor-intensive for human recruiters.
• **Enhancing Candidate Assessment:** AI-driven tools are being developed to analyze candidate profiles, assess skills, predict cultural fit, and even evaluate leadership potential through various data points, potentially commoditizing parts of the assessment process.
• **Empowering In-House Talent Acquisition:** As these technologies become more accessible and sophisticated, large corporations can leverage AI internally to perform more advanced executive talent sourcing and screening themselves, reducing their reliance on third-party executive search firms for a wider range of leadership roles.
• **Enabling New Competitors:** The lower entry barrier offered by AI tools could foster the emergence of new, tech-first talent platforms and highly specialized boutiques that operate with a different cost structure or offer faster turnaround times, directly competing with HSII's traditional model.

This technological shift threatens to disintermediate parts of the traditional executive search and leadership consulting process, potentially leading to fee compression and a redefinition of the value proposition for firms like Heidrick & Struggles.

Executive Search

The global executive search market exhibits varying size estimates across different reports:

• One projection indicates the market was approximately USD 13 billion in 2023 and is expected to reach USD 20 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.1%.
• Another report values the global executive search market at USD 58.13 billion in 2025, forecasting it to grow to USD 94.73 billion by 2030, at a CAGR of 10.26%.
• Further estimates state the global executive search headhunting market size was USD 17,241.2 million in 2021, reaching USD 22,219.5 million by the end of 2025, and projected to become USD 36,903.2 million by 2033, with a CAGR of 6.547% from 2025 to 2033.
• The global executive search (headhunting) market is also predicted to reach approximately USD 34,236.39 million by 2032, at a CAGR of 6.40% from 2024 to 2032.
• North America holds a substantial share of this market, accounting for approximately 35% of the global market in 2023, 38.65% in 2024, and 29.32% of the global market revenue in 2025.

Leadership Consulting

Heidrick & Struggles also provides leadership consulting services. The global market for leadership and management consulting is a key addressable market:

• The Leadership and Management Consulting market is estimated to be valued at USD 78.4 billion globally in 2025 and is expected to reach USD 125.7 billion by 2032, growing at a CAGR of 7.1% from 2025 to 2032.
• More broadly, the global Management Consulting Market is projected to grow from USD 303.1 billion in 2024 to an estimated USD 457.1 billion by 2032, with a CAGR of 5.27% from 2025 to 2032.
• The overall global consulting market, which includes management consulting, is poised to reach approximately USD 277.2 billion in 2025 and is projected to reach USD 421.2 billion by 2033, with a CAGR of 5.3%.

On-Demand Talent Solutions

Heidrick & Struggles offers on-demand talent solutions, which can be categorized under on-demand staffing or talent as a service:

• The global on-demand staffing platform market is projected to reach US$ 577.9 million by 2031, growing from US$ 185.83 million in 2023 at a CAGR of 15.2% during 2023–2031.
• Another estimate values the global on-demand staffing platform market size at $5.4 billion in 2024, forecasted to hit $18.7 billion by 2033, growing at a CAGR of 14.5%.
• Specifically for the Information Technology and Telecom category, the global on-demand staffing platform market is estimated at USD 6.9 billion in 2024 and is projected to reach USD 18.9 billion by 2031, with a CAGR of 15.2% from 2025 to 2031.
• The global Talent as a Service Market is estimated at USD 593.3 million in 2025 and is projected to reach USD 1,793.9 million by 2035, registering a CAGR of 11.7% over the forecast period.
• The global talent marketplace platform market size is reported at USD 1.05 billion in 2025, projected to reach USD 1.83 billion by 2035 at an estimated CAGR of 10.5% from 2026 to 2035.

Heidrick & Struggles International (HSII) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies, primarily focusing on the expansion and integration of its core services and strategic market positioning.

The expected drivers include:

1. Growth Across All Business Segments: The company has demonstrated consistent year-over-year revenue growth in all its lines of business—Executive Search, On-Demand Talent, and Heidrick Consulting. This broad-based growth across its integrated talent and human capital solutions portfolio is expected to continue, with specific strong performance noted in regions like Europe for Executive Search. Heidrick & Struggles aims to foster "differentiated, deep, and durable global client relationships" by offering a full suite of global leadership advisory solutions.
2. Strategic Focus on Leadership and Talent Solutions: Heidrick & Struggles emphasizes its strategic approach to leadership and talent solutions, adapting to evolving market demands. By focusing on identifying, assessing, and enabling exceptional leadership talent, the company positions itself as a crucial partner for organizations navigating complex global challenges, thereby driving demand for its services.
3. Expansion of Capabilities and Expertise in High-Growth Areas: The company plans to expand its capabilities and expertise in areas identified with the greatest growth potential. This includes creating solutions that enhance client performance, indicating a proactive approach to meeting emerging client needs and capturing new market opportunities.
4. Leveraging Technology and AI: Heidrick & Struggles is focused on leveraging technology and artificial intelligence to enhance its offerings and operational efficiency. This strategic investment in technological advancements is expected to provide new tools and solutions for its professionals, enabling them to deliver more impactful results and strengthen client partnerships.

Share Repurchases

Information on the dollar amount of share repurchases made and authorized to be made in the future by Heidrick & Struggles International over the last 3-5 years is not explicitly available in the provided search results.

Share Issuance

Information on the dollar amount of shares issued by Heidrick & Struggles International over the last 3-5 years is not explicitly available in the provided search results. The number of outstanding shares was 20,649,000 as of November 2025. Additionally, there were 20,409,835 shares of common stock outstanding as of February 27, 2025.

Inbound Investments

• On October 6, 2025, Heidrick & Struggles International announced a definitive agreement to be acquired by a consortium of investors led by Advent International and Corvex Private Equity.
• The all-cash transaction values the company's equity at approximately $1.3 billion.
• Heidrick stockholders are expected to receive $59.00 per share in cash.

Outbound Investments

• In the first quarter of 2024, Heidrick Consulting's revenue growth was primarily due to the acquisition of B4Z.
• On-Demand Talent revenue in the first quarter of 2024 increased due to the positive impact of the Atreus acquisition.

Capital Expenditures

• Capital expenditures were reported as -$26 million.
• The company continues to invest in the development of its Navigator platform and digital assets across its business units, including Executive Search and On-Demand Talent, through research and development spending.
• Research and development expense for the first quarter of 2024 was $5.7 million.