Heidrick & Struggles Announces CFO Search

June 19, 2024 – Executive search, leadership consulting, and culture shaping services provider Heidrick & Struggles has announced that CFO Mark Harris has elected to depart the firm to pursue other opportunities. Heidrick has commenced a formal search for a new CFO, and Mr. Harris, who assumed the role in 2018, will remain with the firm until August 2024 to ensure continuity and a successful transition.

“Mark has been a valued member of our executive team over the past six years and made significant contributions during his tenure. He helped lead transformative financial management and discipline, while advancing our strategic direction and the overall growth of the company,” said Tom Monahan, CEO. “I am immensely appreciative of Mark for his partnership and wish him the very best in his next professional endeavor. Our internal team is exceptional, and as premier leaders in executive search, I am confident that we will identify the next world-class CFO to help create unmatched value for clients, colleagues, and investors.”

“I am proud of what we have accomplished during my time at Heidrick & Struggles and honored to have worked with such a talented and dedicated global team,” said Mr. Harris. “It has been a privilege to be part of Heidrick’s journey and I look forward to watching the firm’s continued success.”

Based in Heidrick’s Stamford, CT, office, Mr. Harris joined the firm in 2018. A member of the firm’s executive committee, he is responsible for the company’s finance and accounting functions, including financial reporting, business development and strategy, investor relations, risk management, treasury, real estate, and financial planning and analysis. Prior to joining Heidrick, Mr. Harris was the chief financial officer and chief accounting officer of Hercules Capital, a publicly traded business development company on the New York Stock Exchange for three years.

Newly Appointed CEO and President

Heidrick recently announced that Krishnan Rajagopalan has decided to retire, after more than 23 years with the firm. Following a planned succession process, the board has appointed Mr. Monahan to succeed Mr. Rajagopalan as CEO and member of the board, which was effective March 4. Mr. Monahan was managing partner of Norton Street Holdings and was previously president and CEO of DeVry University. “Search firms are highly focused on trying to leverage data, innovative technology, analytics, and IT to not only lift their client’s performance, but also their own,” said Scott Scanlon, CEO of Hunt Scanlon Media. “Bringing in this outsider at this time makes a whole lot of sense.”

Related: Heidrick & Struggles Appoints Leader of Israeli Office

“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,” said Adam Warby, chairman of the board of Heidrick & Struggles. “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. Tom’s decades of experience in growing technology-enabled services firms focused on delivering C-suite advice makes him the right person to build on our strengths in leadership advisory and to unlock transformative growth through our strategy of innovative diversification.

Heidrick & Struggles Closes Atreus Acquisition
Heidrick & Struggles has closed the acquisition of Atreus, one of the leading players for executive interim management in Germany. Together, Atreus and Heidrick & Struggles’ wholly owned, U.S.-based Business Talent Group (BTG), which was acquired in 2021, constitute the company’s on-demand talent segment and build on its strong market position in this space. The brand name Atreus, well-known in the German market, will be retained, and the Atreus management team, led by Dr. Harald Linné and Rainer Nagel, will remain in place.

“Anyone who knows me, understands that I am passionate about the work of finding, developing, and supporting great leaders,” said Mr. Monahan. “Heidrick & Struggles has shaped the leadership advisory industry for decades. As a longtime client, I can see endless possibilities to extend our strength in search, which will continue to be the cornerstone of our strategy, and leverage our diverse assets — including our On-Demand, Consulting and Digital solutions — to deliver value for our clients and our shareholders, and I look forward to leading the company’s talented team as we help clients put the right leadership teams and strategies in place to change the world.”

Heidrick also announced that Mr. Murray, global managing partner of Executive Search, has become president, reporting to Mr. Monahan. In addition to continuing to lead Executive Search, he will have operational responsibility for On-Demand Talent, Heidrick Consulting and go-to-market in his new role. Based in Heidrick’s Boston office, Mr. Murray is a member of the global management committee and is responsible for leading the firm’s global executive search business and client operations.

Related: Heidrick & Struggles to Acquire London-based businessfourzero

Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor  – Hunt Scanlon Media

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