Heidrick & Struggles International - Q3 2023

Transcript

Krishnan Rajagopalan (President and CEO)

Does it hit, you know, supply chain? Does it hit oil? You know, what does it do? So we're keeping an eye on that right now. Excuse me. I would say that it's pretty consistent to what we've seen before and throughout the year. We've been pleased to see that, as I referenced, you know, we've seen more CEO searches this year than ever before. So we're tracking trend lines like that, and you know, AI searches and things like that, that we can keep our eye on, that are markers for where the market's going as well.

Speaker 3

Thank you very much.

Operator (participant)

Thank you. We'll take a follow-up question now from Tobey Sommer.

Tobey Sommer (Managing Director)

Thanks. Just wanted to ask you a question about that, CEO search comment in sort of the year-to-date demand. Do you have good data on in your executive search marketplace to indicate whether there's simply gonna be a an elevated velocity of turnover as a result of the baby boomers around the cusp of it? This is something we've talked about in and around the industry for, gosh, decades. And I'm wondering if you've got sort of evidence and a basis for describing a change that could last for a period of years.

Krishnan Rajagopalan (President and CEO)

Yeah. You know, sort of the way I think about that is that we weren't surprised with seeing elevated number of CEO searches this year, just based on conversations that we have, understanding the demographics, et cetera. And also people kinda having run the race on COVID a bit and experienced a Great Resignation of potentially their teams as to where people were at this stage. So, we weren't surprised by that. You know, if we forecast ahead, you know, what we would imagine and would expect to see is changes on teams as a result of that. You know, often CEO changes lead to changes among the executive teams as well. So, we would be forecasting that that talent is short and there may be changes that happen over there.

As to how much longer the CEO change wave lasts, I'm probably-- I don't think I could predict that too much better than what we kind of are seeing today.

Tobey Sommer (Managing Director)

Okay. Thank you.

Krishnan Rajagopalan (President and CEO)

You're welcome.

Operator (participant)

Thank you. And ladies and gentlemen, just a final reminder, star one, please, for any further questions this afternoon. And gentlemen, it appears we have no further questions today. Mr. Krishnan Rajagopalan, I'd like to hand things back to you for any closing comments.

Krishnan Rajagopalan (President and CEO)

Super. Thank you. Thank you, everyone, for your participation and continued support. Look, we're very encouraged by our results and continue to see good demand signals despite this broader macro uncertainty. So in tandem with navigating the economic challenges, we remain focused on growing our business and continue to execute on our diversification strategy. We look forward to speaking with you again next quarter. Thank you very much.

Operator (participant)

Thank you. Ladies and gentlemen, that will conclude the Heidrick & Struggles Q3 2023 Earnings Call. Again, we'd like to thank you all so much for joining us, and wish you all a great evening. Goodbye.