Finding a CEO isn't like hiring a barista. You can't just post a listing on Indeed and hope for the best. When billions of dollars in market cap are on the line, companies call the "SHREK" firms. That’s the industry nickname for the big five: Spencer Stuart, Heidrick & Struggles, Russell Reynolds, Egon Zehnder, and Korn Ferry.
Honestly, Heidrick and Struggles executive search is the granddaddy of them all.
They basically invented the modern version of headhunting back in 1953. Gardner Heidrick and John E. Struggles were working at Booz Allen Hamilton when they decided that finding leaders deserved its own dedicated craft. Fast forward to 2026, and the firm is undergoing one of its biggest transformations in history.
The $1.3 Billion Shift Nobody Expected
Most people think of Heidrick as this stuffy, old-school Chicago institution. And yeah, they’ve been around forever. But things just got weird—in a good way. In late 2025, the firm announced it was going private. A massive $1.3 billion deal led by Advent International and Corvex Private Equity is pulling them off the NASDAQ.
Why does this matter to you? Because it changes how they hunt.
Being a public company means answering to shareholders every quarter. That creates pressure to hit volume targets. By going private, Heidrick is pivoting back to its "boutique" roots but with way more tech. They’re betting that 2026 will be the year where AI-driven data meets high-level human intuition.
Why the "Personal Touch" is Actually a Tech Game Now
You’ve probably heard recruiters talk about their "network." At Heidrick, that network is now a massive digital ecosystem. They’ve moved their entire operation onto a centralized cloud platform using Box and Salesforce.
It sounds boring, right? It's not.
Before this, a partner in London might not know what a partner in New York was talking to a candidate about. Now, they use a tool called "Digital Viewmark." If you’re a client, you get a portal. You don't wait for a weekly PDF update. You log in and see candidate comparisons, assessment scores, and real-time status. They’ve managed to shave about six weeks off the typical search cycle.
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How the Search Actually Works (The Inside Scoop)
If you’re a candidate or a hiring committee member, the process feels like a black box. It’s not just "who do we know?" It's a grind.
- The Success Profile: They don't just look at a job description. They look at the culture. If a company is failing, they don't need a "steady hand"; they need a "disruptor."
- The Long List: They pull hundreds of names from their proprietary database.
- The Analyst Immersion: This is where the magic (and the sweat) happens. Junior analysts spend weeks digging through SEC filings, news reports, and social circles to see who is actually performing and who just has a good PR team.
- The Behavioral Assessment: This is where most candidates fail. Heidrick uses "HLabs," their internal research arm, to run data-backed psychological assessments. They want to know if you'll crack under pressure or if you're an "inclusive leader" who can actually retain staff.
It's a long road. You’re looking at months of interviews.
The Diversity Gap: Hard Truths
Let's be real for a second. The executive search industry has historically been a "boys' club." Heidrick knows this. Their own research shows that only about 27% of executives feel their companies are truly inclusive.
They’re trying to fix it, mostly because it’s good for business.
Their "Vanguard" study found that companies with high diversity and inclusion scores had a revenue growth rate 62% higher than their peers. Because of this, they’ve started pushing "nontraditional" slates. If a board asks for "someone with CEO experience," Heidrick might push back and suggest a high-performing CFO or a divisional head from an adjacent industry to increase the diversity of the talent pool.
Beyond the Full-Time CEO: The Rise of On-Demand Talent
One of the coolest things Heidrick is doing right now involves "interim" leaders. They bought a company called Business Talent Group (BTG) a few years back.
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In 2026, the "gig economy" has reached the C-suite.
Sometimes a company doesn't need a permanent CEO right away. Maybe they just need a "Turnaround Specialist" for six months. Or a "Fractional CHRO" to manage a merger. Heidrick now has a massive pool of these "on-demand" executives who can be on-site within days. It’s a huge shift from the "permanent placement or nothing" model of the 90s.
Is It Worth the Premium?
Heidrick isn't cheap. You’re often looking at a fee that is 30% to 33% of the executive's first-year total compensation. If you're hiring a CEO with a $2 million package, the search firm is walking away with a $600k+ payday.
- The Pro: You get access to people who aren't looking for jobs. These are the "passive" candidates who won't respond to a LinkedIn message but will take a call from a Heidrick partner.
- The Con: Critics say the big firms sometimes recycle the same candidates. There’s a risk of "groupthink" where the same 50 people just keep rotating through different Fortune 500 boards.
What You Should Do Next
If you’re a high-level professional or a board member looking to engage with Heidrick and Struggles executive search, here is how to actually handle it:
For Candidates:
Stop trying to "apply" to them. They don't care about your cold email. Instead, focus on your "digital footprint" in industry-specific journals and speaking at major conferences. Heidrick partners look for thought leadership, not resumes. If you do get a call, be prepared for the HLabs assessment—it’s more about your personality and "agility" than your past sales numbers.
For Companies:
If you're hiring, don't just ask for a list of names. Ask for their "On-Demand" options first. Sometimes an interim leader can stabilize the ship while you take your time finding the perfect permanent fit. Also, demand to see the data from their "inclusive leadership" metrics. If they can't show you how a candidate will impact your culture, they aren't doing their job.
For Investors:
Keep an eye on the Advent/Corvex deal. As Heidrick goes private, expect them to acquire more AI-tech startups. They are moving away from being just a "recruiter" and trying to become a "leadership software company."
The world of top-tier talent is changing fast. Whether you love the "Old Guard" or think they're outdated, Heidrick and Struggles is still the one setting the pace for how the world's most powerful rooms are filled.
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Next Steps for Implementation:
- Audit your current C-suite "succession plan" to see if you have gaps that require interim talent.
- Update your executive LinkedIn profiles to highlight specific "transformation" keywords that H&S algorithms currently prioritize.
- Request a "Diversity Slate" report from your current search partner to compare against Heidrick’s Vanguard benchmarks.