Marmion resigns from Heidrick

The firm said he would remain in his other role as chairman until the 2003 annual meeting of Heidrick's board. Gerard Roche, a member of the board, becomes acting chief executive until a permanent successor to Marmion is chosen.

Marmion cited business and personal reasons for resigning. "I knew when I took on this role 18 months ago that the massive reshaping of the firm and its cost structure was not going to be an easy task," he said.

"In that time, we have restored our financial footing and put in place a first class management team. Now, the focus must be on building a company from this sturdier base and it seemed an appropriate time to pass the baton.'

He said the extensive time and travel demanded by the job had also taken a larger toll on his young family than he had expected.

Less than a week before Marmion's resignation Philip Laskawy, a former chairman and chief executive of Ernst & Young, who joined Heidrick board in March 2002, resigned effective immediately.

The reason cited was the increased time required to meet other commitments including duties on other company boards.

Heidrick shed hundreds of jobs globally while Marmion was chief executive. The firm

made a net loss of $40.2m in 2002 and its revenues fell 23% from 2001, to $350.7m.