After more than 23 years with the company, Rajagopalan will step down on 4 March 2024, and will retire from the Heidrick & Struggles as of 1 April, when he will continue to serve as an adviser, working closely with clients around the world. 

Following a planned succession process, the board has appointed Thomas L Monahan III to succeed Rajagopalan as CEO and member of the board from 4 March. Monahan currently serves as managing partner of private investment organisation Norton Street Holdings.

Heidrick & Struggles also announced that Tom Murray, global managing partner of executive search, will become president, reporting to Monahan from 4 March. In addition to continuing to lead executive search, Murray will have operational responsibility for On-Demand Talent, Heidrick Consulting and Go-to-Market in his new role.

• Comment below on this story. Or let us know what you think by emailing us at [email protected] or tweet us to tell us your thoughts or share this story with a friend.