Heidrick & Struggles Appoints First Outsider and Retiree as CEO — A Defining Moment in the Firm’s 60-Year History

In a historic first, Heidrick & Struggles has appointed a non-industry executive, firm outsider, and retiree to lead the global executive search and leadership advisory firm.

Tracy Wolstencroft, a former Goldman Sachs executive who retired in 2010, has been named CEO of the rebranded leadership company, replacing interim chief Jory Marino, who stepped in following the departure of long-serving CEO Kevin Kelly (2006–2013). Prior to Kelly, leadership was held by Tom Friel (2002–2006), with Chairman Emeritus Gerry Roche helping elevate the firm into the upper echelons of Fortune 100 CEO placements and board-level searches. Most recently, Heidrick advised on the Microsoft CEO search, which concluded with the appointment of the company’s third-ever chief executive.

This bold leadership shift signals a major—some say long overdue—strategic move for the 60-year-old firm.

Why This Appointment Matters

Wolstencroft’s appointment marks a significant shift in direction for a firm that has struggled in recent years with declining revenues and market share, as the executive search business transitions from a transactional model to a consultative, advisory-focused service.

Meanwhile, competitors have surged ahead:

• Korn Ferry has redefined itself as a fully integrated leadership and talent consulting powerhouse.

• Spencer Stuart and Egon Zehnder have fortified their positions, particularly in U.S. and European markets respectively.

The choice of an external CEO with deep M&A credentials suggests the board may be preparing for broader structural changes—including potential privatization, strategic partnerships, or even acquisition.

A Company at a Crossroads

Since going public in 1999, Heidrick has wrestled with its identity—caught between a desire to scale like a public firm and a legacy rooted in partnership-driven, high-trust client relationships. Two prior attempts to return to private ownership reportedly failed, and a once-discussed merger with Korn Ferry was abandoned due to incompatible cultures.

Further complicating matters has been a notable talent drain, especially during the last recession, as senior consultants sought greener pastures—often at Korn Ferry.

And while former leaders like Kevin Kelly exited with stock valued over $1.5 million, most current partners hold little equity—a notable irony for a firm so focused on leadership succession.

The Road Ahead

With Wolstencroft at the helm, the questions resurface:

• Will Heidrick remain an independent, publicly traded company?

• Will it finally embrace a more unified strategy that aligns with today’s leadership consulting realities?

• Or will it pursue a more transformational path through consolidation or private capital?

In an industry famous for advising others on how to lead, Heidrick & Struggles now faces its own test of reinvention. What happens next will shape the legacy of the “house that Roche built” and determine whether it can evolve from tradition-bound search firm to modern leadership powerhouse.