Heidrick pays off senior staff

Piers Marmion, who resigned as chief executive last month after 18 months in the job, will receive $3.9m. Former president and chief operating officer David Anderson, who resigned last week, will receive $1.6m.

This is the second time in 18 months that Heidrick has incurred a special charge due to executive pay-offs. Former chief executive Patick Pittard received $7.8m in the fourth quarter of 2001.

The latest pay-offs came at a time of growing criticism of the large size of severance payments for executives of struggling companies, especially in Europe.

Heidrick made a net loss of $40m in 2002. Its revenues fell 23% from 2001, to $350.7m.