Egon Zehnder's revenues fall US worst hit

The downturn was most severe in the US, at 13%. Global revenues were $296.4m (€340m) in the year ended October 31, 2001, compared with $318.7m the previous year. US revenues came in at $50.2m in 2001.

The decline is smaller than revenue falls at some other large recruitment firms. Korn/Ferry, for example, said in December that its first-half global revenues were $223m, a fall of 35% from the previous year.

Egon Zehnder gave no sector breakdown in its figures. But in Europe, traditionally its strongest market, it has been diversifying within its financial services practice and away from pure investment banking search. It has also been innovative in its non-search offerings, such as management assessment and work with venture capital.

The Swiss-founded firm also announced a new leadership structure, splitting the office of chairman and CEO. Daniel Meiland in New York remains chairman, while John Grumbar in London becomes CEO and will lead the management of the firm through its executive committee.

Egon Zehnder also announced the opening of a new office in Seoul, taking the number of offices to 58 worldwide. It has elected 10 new partners, taking the number to 143 worldwide.