The group expects the restructure to deliver annual cost savings of between $11m (£8.1m) and $13m.

In an announcement at the end of last week, the global executive search firm announced the restructure, which comprises:

• The elimination of two executive officer roles for a “flatter” leadership structure
• A workforce reduction as the firm aims to align its support resources to better meet operational needs and recognise synergies as it combines its leadership consulting and culture shaping divisions
• A reduction of the firm’s real estate expenses and support costs by consolidating or closing three of its locations across its global footprint
• The acceleration of future expenses under certain contractual obligations.

The Chicago Tribune reports the restructure will see H&S cut its workforce of 1,600 employees by 70 people and close two unspecified offices, one in the US and one in Europe, and merge those operations into other offices.

Recruiter contacted H&S for confirmation of these plans but had not heard back as of this morning.

Heidrick & Struggles president and CEO Krishnan Rajagopalan described the announcement of the group’s restructuring as an “important” step forward. 

“The market for executive search continues to be robust and we have positive momentum as a firm. Fourth quarter 2017 consolidated net revenue was at the high end of the guidance we provided on 26 October 2017 of between $150m and $160m,” Rajagopalan said.

“In 2018 we will continue our transformation journey to become the premier adviser on executive search, leadership assessment and development, team and organisation performance, and culture shaping. We are implementing many of the digital initiatives we started in 2017 to drive a premium client experience and we are forging ahead on other efforts to drive further growth and profitability."