| March 10, 2004 Hunt Scanlon Ranks Spencer Stuart No. 1 Headhunter In The U.S.; Heidrick No. 1 Worldwide Stamford, CT, March 10, 2004 – Statistical analysis conducted by recruiting industry tracking firm Hunt-Scanlon Advisors indicates that in calendar year 2003 Spencer Stuart catapulted ahead of both Heidrick & Struggles and Korn/Ferry International as the No. 1 executive search firm in the U.S. It is the first time the privately held recruiter earned distinction as the largest U.S. search firm in North America. Spencer Stuart accomplished this significant achievement by posting solid revenue growth while its publicly traded rivals suffered three consecutive years of revenue declines. According to the Hunt-Scanlon study, Spencer Stuart's U.S. retainer fees increased eight percent in 2003 to $177 million. Heidrick & Struggles net retainer fees dipped 12 percent to $172 million, while Korn/Ferry's North American fees for the period February 1, 2003 through January 31, 2004 totaled $158 million, an eight percent decline. For the second consecutive year Spencer Stuart was also recognized as the most productive search firm among the Top 10 U.S. recruiters, with average fees per consultant of $1.4 million. Heidrick & Struggles was second in this category, averaging $1.2 million per consultant. On a worldwide basis, Heidrick & Struggles retained the top spot for the second consecutive year with global fees of $318 million, while Korn/Ferry recorded worldwide fees of $317 million. "Spencer Stuart slowly, but methodically, gained momentum in the last decade by focusing on high-end search work, retaining its top-flight producers, and remaining private," said Scott A. Scanlon, Hunt-Scanlon's chief executive. "Nevertheless, leapfrogging its rivals during the industry's biggest downturn was quite a feat," he added. "This certainly stands out as a watershed event in the search industry." Mr. Scanlon said that Spencer Stuart's two publicly-held rivals, Heidrick and Korn/Ferry, were perhaps not as nimble during the slow business period of the last several years, having lost key revenue producers which made financial recovery more difficult. Both recruiters are now rebounding, he said, and rebuilding their respective businesses. ABOUT HUNT-SCANLON Hunt-Scanlon Corporation is a leading market research firm and online data provider to the executive recruiting and human capital industries. The firm publishes market intelligence, including: industry rankings, online research, real time electronic newswires, three monthly newsletters (Executive Search Review, Online Recruiting Strategist and Diversity Monitor), directories of executive recruiters and senior executives, online database products, and also provides advisory services. The firm's online recruitment portals for senior executives connect buyers and sellers of recruiting and human capital services worldwide. Hunt-Scanlon produces executive-level conferences on human capital management, senior-level recruiting, staffing technology, diversity and talent acquisition strategies for CEO's, senior human resource executives and recruiting professionals. Contact Information:
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