Shen, who is based in New York, will report to Dietmar Ostermann, chief executive of AT Kearney, the management consulting firm.
He will continue running the global financial services group while also assuming global leadership responsibility for AT Kearney Executive Search, one of the world's largest retained search firms. He replaces Brian Harrison, who has retired.
Ostermann credited Shen with developing the firm's financial services practice into a significant player in the global search arena. "In his new role, he will drive further growth for the practice and chart a new course for AT Kearney Executive Search," Ostermann said.
Shen expects AT Kearney's headhunting services to be globally and industry-focused, with a particular emphasis on financial services and technology. He said: "We will have the unique ability to cross-fertilise talent between management consulting and executive search."