Heidrick & Struggles to Reduce Workforce by 10 Percent; 13 Offices to Close

October 12, 2011 – Chicago-headquartered executive search firm Heidrick & Struggles International has announced strategic initiatives and management changes designed to reposition the firm during one of the longest recessionary periods on record. The firm will reduce its global workforce by approximately 10 percent and will be decreasing real estate expenses and support costs by consolidating or closing 13 smaller locations across its global network, predominantly in the EMEA region (Europe and Middle East). Heidrick expects to realize approximately $20 million to $25 million in annualized savings from the cost-cutting drive. "Our actions will allow us to focus even more sharply on driving our leadership advisory strategy, while enhancing our competitiveness and delivering value to our shareholders," said CEO L. Kevin Kelly. "While the market continues to be challenging, particularly in Europe, we are adjusting to these conditions in a way that positions us for improved performance in the near term and strengthens our ability to invest in future growth."