Heidrick & Struggles slashes recruitment workforce

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The firm said the cuts included 66 executive search consultants and were part of a substantial reorganisation of the company. The move was in addition to 300 job losses announced in June because of the economic downturn.

Heidrick said the axe was likely to fall at all levels and in all regions of the world.

Sources at the firm said that cuts in Europe would probably be made particularly in Germany, where technology and financial services had been a strong focus. &quotWe grew at a reckless pace. Some offices opened in boom times will now close&quot said a source.

The firm said the two rounds of job cuts, office-space reduction and other measures would save $80m (€88m) next year, and around $50m on a recurring annual basis.

Heidrick also said its third-quarter revenue this year was likely to be &quotslightly below&quot $105m, compared to $148.1m last year. Its third-quarter results are to be released on November 5.

The reorganisation includes the retirement of Patrick Pittard, the chairman, who is to be succeeded by the CEO, Piers Marmion.

It also includes the integration by January of LeadersOnline, the company's mid-level internet-based recruitment business, into the core executive search business.

Having thrown a great deal of money at developing LeadersOnline, Heidrick & Struggles is repositioning it &quotas a practice group focusing on emerging high potential executive talent.&quot

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