Korn Ferry

Korn Ferry was founded in 1969 by Lester Korn and Richard Ferry. The two first met in 1962, when they worked for Los Angeles accounting firm Peat, Marwick, Mitchell.{{cite news|last1=Hilder|first1=David B.|title=Headhunter Gets Recruited for U.N. Post|url=https://www.wsj.com/|access-date=8 December 2016|issue=Eastern edition|publisher=Wall Street Journal|date=16 July 1987|location=New York, N.Y., United States|page=N/A}}

In 1969 the firm went public with an initial public offering (IPO), but in 1974 reacquired all outstanding shares to become private again.{{cite news|last1=Lublin|first1=Joann S.|title=Korn/Ferry Mulls IPO for Search Firm As a Way to Remain Industry Leader|url=https://www.wsj.com/articles/SB894490267632264500|access-date=12 December 2016|agency=Dow Jones & Company Inc|issue=Eastern edition|publisher=Wall Street Journal|date=7 May 1998|location=New York, N.Y., United States|page=B20}} In 1973 Korn Ferry formed Tokyo, Japan-based Korn Ferry International Japan.{{cite news|last1=Kikuchiz|first1=Seiichi|title=Japanese Enterprise Also Begin to Make Use of Executive Search Firms|agency=The Nihon Keizai Shimbun|publisher=The Japan Economic Journal|date=28 July 1981|location=Japan|page=15|language=en}} With the opening in 1975 of Korn Ferry International Singapore, the company had 41 offices in 20 countries.{{cite news|last1=Adversario|first1=Patricia|title=More S'pore Execs Becoming Expatriate Workers in Region|publisher=The Straits Times|date=18 May 1992|location=Singapore|language=en}} In 1977 they acquired the Mexico City firm Hazzard & Associados. In 1978 they opened offices in Malaysia{{cite news|title=Korn/Ferry Delighted With Appointment|agency=Media Prima|publisher=The New Straits Times Press (M) Bhd|date=14 January 1997|location=Malaysia|language=en}} and Hong Kong, and acquired the UK firm John Stork. In 1979 they acquired Australian-based Guy Pease Associates.{{Cite book | url=https://books.google.com/books?id=wCCqaDKu7T4C&pg=PA82 |title = Headhunters and How to Use Them: A Guide for Organisations and Individuals|isbn = 9781861977342|last1 = Jenn|first1 = Nancy Garrison|date = April 2005| publisher=John Wiley & Sons }}

In 1981 the company became the largest executive search firm in the world, with Lester Korn serving as chairman and CEO.{{cite news|last1=Barmash|first1=Isadore|title=Talking Business with Nesbit of Korn/Ferry|url=https://www.nytimes.com/1981/04/21/business/talking-business-with-nesbit-of-korn-ferry-personnel-chief-has-new-role.html|access-date=9 December 2016|work=New York Times|date=21 April 1981|location=New York, N.Y., United States}} In 1987 the firm opened an office in Bangkok, Thailand. They then had 37 offices in fifteen countries servicing around 1,250 client corporations and organizations.{{cite book|author=Stewart D. Friedman|title=Leadership Succession|url=https://books.google.com/books?id=cy7iMFjgLpsC&pg=PA146|date=January 1987|publisher=Transaction Publishers|isbn=978-0-88738-162-1|pages=146–}} In 1989, the firm's revenues exceeded $100 million for the first time.{{cite news|title=Korn/Ferry's Chief Adds Chairman Post|issue=Eastern edition|publisher=Wall Street Journal|date=13 May 1991|location=New York, N.Y., United States|page=B10|language=en}}

In May 1991 Lester Korn retired as chairman and Richard Ferry, the president and CEO, assumed the additional role of chairman. Following this, the firm initiated several office closures.{{cite news|last1=Lublin|first1=Joann S.|title=Headhunters Seek Solution to Slowdown by Adding Services, Expanding Abroad|issue=Eastern edition|publisher=Wall Street Journal|date=2 August 1991|location=New York, N.Y., United States|page=B1}} In 1992 Korn Ferry implemented a video-conferencing system for screening job candidates.{{cite news|last1=Lublin|first1=Joann S.|title=Search Firm Puts Prospects in Focus|agency=Dow Jones & Company Inc|issue=Eastern edition|publisher=Wall Street Journal|date=13 October 1992|location=New York, N.Y., United States|page=B1}} In 1993, the firm acquired Carre Orban and Partners and merged its European operations into a firm branded in Europe as Korn/Ferry Carre/Orban International.The Economist, and Nancy Garrison Jenn. Headhunters and How to Use Them: A Guide for Organisations and Individuals. London, England : Profile Books. [https://books.google.com/books?id=krATAQAAMAAJ&q=Korn/Ferry+Carre/Orban+International+1993] In the next five years, the firm opened their first offices in India (1994), China (1995), Indonesia (1996), and South Korea (1998).{{cite book|author1=Jonathan V. Beaverstock|author2=James R. Faulconbridge|author3=Sarah J.E. Hall|title=The Globalization of Executive Search: Professional Services Strategy and Dynamics in the Contemporary World|url=https://books.google.com/books?id=EpuQBAAAQBAJ&pg=PA80|date=19 September 2014|publisher=Routledge|isbn=978-1-317-67535-8|pages=79–80, 243, 51, 189}}

In August 1998,{{cite news|last1=Blake|first1=Wendy E.|title=Big Recruiters Set Sites on High-Tech Job Hoppers|volume=15|issue=43|publisher=Crain's New York Business|date=25 October 1999|page=36. 2p}} Korn Ferry partnered with The Wall Street Journal to start Futurestep.com, aimed at the middle management level.{{cite news|last1=Richtel|first1=Matt|title=A New Executive-Recruiting Service on the Web|url=https://www.nytimes.com/1998/06/08/business/a-new-executive-recruiting-service-on-the-web.html|access-date=9 December 2016|issue=Business/Financial Desk|work=New York Times|date=8 June 1998|location=New York, N.Y., United States|page=D6}}{{cite news|title=Wall Street Journal, Korn/Ferry Form Job-Search Joint Venture|url=https://www.wsj.com/articles/SB897253113678695500|access-date=12 December 2016|agency=Dow Jones & Company Inc|issue=Eastern edition|publisher=Wall Street Journal|date=8 June 1998|location=New York, N.Y., United States|page=B11}} By 2001 Futurestep had been rolled out to 22 countries; it incurred worldwide losses of $60 million through January 31, 2001.{{cite news|last1=Teo|first1=Anna|title=Internet Recruitment Does Not Work : Russell Reynolds|publisher=The Business Times Singapore|date=15 May 2001|location=Singapore|page=1|language=en}}

In 1999 Korn Ferry acquired the German firm Hofman Herbold and the Australian firm Amrop International.{{cite news|last1=Boreham|first1=Tim|title=Korn Ferry Headhunts Amrop Arm|issue=Finance|publisher=The Australian|date=24 June 1999|page=22}} In 2000 it acquired the London-based PA Consulting Group for an estimated $35M. In 2000 it purchased Boston-based financial services search firm Westgate Group,{{cite news|title=Korn/Ferry to buy Westgate Group|publisher=The Atlanta Journal and Constitution|date=14 June 2000|location=Atlanta, United States|page=2E}} and Canada-based Pratzer & Partners Inc.{{cite news|title=Korn/Ferry International|issue=Appointment Notices-Adv't|publisher=The Globe and Mail (Canada)|date=19 January 2011|page=B10}}

During an executive-search industry contraction, Korn Ferry's 2001 redundancies were "more dramatic than those of competitors who aren't publicly traded" such as Spencer Stuart and Russell Reynolds Associates. This was reported and attributed to having "expanded so heavily during the technology boom" coupled with Korn Ferry's new CEO Paul C. Reilly choosing to "send a message to shareholders."{{cite news|last1=Tkacik|first1=Maureen|title=Korn/Ferry to Slash Work Force By 20% in New Round of Job|url=https://www.wsj.com/articles/SB998311944722481813|access-date=12 December 2016|agency=Dow Jones & Company Inc|issue=Eastern edition|publisher=Wall Street Journal|date=21 August 2001|location=New York, N.Y., United States|page=A4|language=en}}

In 2001 Korn Ferry purchased Levy Kerson, Helstrom Turner & Associates, and Pearson, Caldwell, and Farnworth.{{Cite book | url=https://books.google.com/books?id=EpuQBAAAQBAJ&pg=PA80 |title = The Globalization of Executive Search: Professional Services Strategy and Dynamics in the Contemporary World|isbn = 9781317675358|last1 = Beaverstock|first1 = Jonathan V.|last2 = Faulconbridge|first2 = James R.|last3 = Hall|first3 = Sarah J. E.|date = September 19, 2014| publisher=Routledge }} In 2005 the firm moved its regional head office to Shanghai, China, and had a total of 73 offices in forty countries. In 2006 Korn Ferry acquired leadership development tools firm Lominger Limited of Golden Valley for $24M.{{cite news|url=https://www.wsj.com/articles/former-korn-ferry-executive-alleges-retaliation-1427916859|title=Suit Alleges Korn/Ferry Fired Official In Retaliation|last1=Lublin|first1=Joann S.|date=2 April 2015|access-date=8 December 2016|publisher=Wall Street Journal|issue=Eastern edition|location=New York, N.Y., United States|page=B3}}

In 2006 the company acquired Lominger International, and in 2007 Gary Burnison became the company's new CEO.{{cite news|url=https://www.wsj.com/articles/korn-ferrys-ceo-what-boards-look-for-in-executives-1418151461|title=Here's What Boards Want in Executives|last1=Weber|first1=Lauren|date=9 December 2014|access-date=20 December 2016|publisher=Wall Street Journal|issue=Eastern edition|location=New York, N.Y., United States|page=B5|language=en}} That year the company acquired LeaderSource.{{cite news|last1=St. Anthony|first1=Neal|title=Korn/Ferry International to acquire LeaderSource; The purchase, in addition to one last year of Lominger International, broadens Korn/Ferry's areas of business.|issue=Metro Edition|publisher=Star Tribune (Minneapolis, MN)|date=10 January 2007}} In 2008 they acquired Lore International Institute, and in June 2009, they acquired the London-based Whitehead Mann.{{cite news|last1=Andrews|first1=Amanda|title=Recruitment firm Korn/Ferry acquires British headhunter Whitehead Mann|url=https://www.telegraph.co.uk/finance/newsbysector/supportservices/5518021/Recruitment-firm-KornFerry-acquires-British-headhunter-Whitehead-Mann.html|access-date=7 December 2016|publisher=The Telegraph|date=12 June 2009}} In 2010 they acquired Sensa Solutions, in 2013 Korn Ferry completed its acquisition of Minneapolis-based PDI Ninth House for $80M;{{cite news|last1=St. Anthony|first1=Neal|title=Korn Ferry Division Grows in Mpls.|issue=Metro Edition|publisher=Star Tribune (Minneapolis, MN)|date=28 July 2014}} in 2015 they acquired Pivot Leadership{{cite web| url = https://www.bizjournals.com/losangeles/news/2015/02/13/korn-ferry-to-buy-pivot-leadership.html| url-status = dead| archive-url = https://web.archive.org/web/20150217155927/http://www.bizjournals.com/losangeles/news/2015/02/13/korn-ferry-to-buy-pivot-leadership.html| archive-date = 2015-02-17| title = Korn Ferry to buy executive development company Pivot Leadership - L.A. Biz}} and Hay Group.{{Cite news|url=https://www.ft.com/content/871d43ea-62ca-11e5-a28b-50226830d644 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/871d43ea-62ca-11e5-a28b-50226830d644 |archive-date=December 10, 2022 |url-access=subscription |url-status=live|title=Korn Ferry to buy Hay Group for $452m|website=Financial Times|date=September 24, 2015 |language=en-GB|access-date=2019-04-25 |last1=Strauss |first1=Delphine }}

In 2018 Korn Ferry took a one-time, non-cash intangible asset impairment charge of $106 million, or $79 million on an after-tax basis, to account for rebranding its entire business simply as "Korn Ferry," and sunsetting all the Company's sub-brands, including Futurestep, Hay Group, and Lominger.{{Cite news|url=https://www.fool.com/investing/2018/06/13/why-kornferry-stock-just-jumped-13.aspx|title=Why Korn/Ferry Stock Just Jumped 13%|last=Smith|first=Rich|work=The Motley Fool|access-date=2018-07-26|language=en}}

According to a list maintained by the Yale School of Management, in March 2022, the company continued to do business in Russia despite a widespread boycott after the Russian invasion of Ukraine.{{cite web |title=Over 450 Companies Have Withdrawn from Russia—But Some Remain |url=https://som.yale.edu/story/2022/over-450-companies-have-withdrawn-russia-some-remain |publisher=Yale School of Business |access-date=29 March 2022}} In April 2022, the company suspended its operations in Russia. {{Cite web |url=https://www.kornferry.com/about-us/press/korn-ferry-russian-operations-suspension |title=Korn Ferry Russian Operations Suspension|date=April 2022 |publisher=Korn Ferry |access-date=July 30, 2022}}

Whitehead Mann was a London-based executive search firm that was acquired by Korn/Ferry International in June 2009.{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/supportservices/5518021/Recruitment-firm-KornFerry-acquires-British-headhunter-Whitehead-Mann.html|title=Recruitment firm Korn/Ferry acquires British headhunter Whitehead Mann|publisher=Telegraph|date=12 June 2009|access-date=27 Aug 2011|location=London|first=Amanda|last=Andrews}}

Whitehead Engineering was founded by Clive Whitehead, who on marriage merged his firm with that of his wife's, the psychologist Anna Mann (Mann Recruitment), to form Whitehead Mann in the 1970s. The firm listed on the AIM part of FTSE in 1997. By 2003 the company had market capitalisation of £33 million mainly through acquisition, with offices in London, Paris, Frankfurt, Hong Kong and New York; together with training and advisory divisions.{{citation needed|date=September 2020}}

During the dot.com boom, the firm's fortunes climbed and fell. After strategy disagreements with new CEO Gerard Clery-Melin, in 2003 Mann announced her decision to leave the firm, subsequently setting up MWM Consulting in 2004.{{Cite web|url=https://www.mwmconsulting.com/about-us|title=About us|website=MWM Consulting|language=en-GB|access-date=2020-02-24}}{{failed verification|date=February 2020}} In 2006, the company was subject of a £26 million management buyout, financed by investor Palladian Investors, a division of Och-Ziff. Carol Leonard subsequently took a six-month sabbatical as head of search, and then left the firm in February 2009.{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4742455/Headhunter-Carol-Leonard-to-quit-Whitehead-Mann.html|title=Headhunter Carol Leonard to quit Whitehead Mann|author=Jonathan Russell|publisher=21 February 2009|access-date=27 Aug 2011|location=London|date=21 February 2009}}

In 2005 Korn Ferry accused one of its former star recruiters, David Nosal, of stealing confidential client data to establish his own competing firm.{{cite news|last1=Lublin|first1=Joann S.|title=A Company and Its Secrets; Korn/Ferry Alleges Theft Of Confidential Client Data By A Former Star Recruiter|url=https://www.wsj.com/articles/SB112415090853213887|access-date=12 December 2016|agency=Dow Jones & Company Inc|issue=Eastern edition|publisher=Wall Street Journal|date=16 August 2005|location=New York, N.Y., United States|page=B1|language=en}} In 2008 Nosal was charged under the Computer Fraud and Abuse Act (CFAA).{{cite news|last1=Smith|first1=Nigel M|title=Court Ruling Could Make Sharing Netflix and Spotify Passwords a Federal crime|url=https://www.theguardian.com/tv-and-radio/2016/jul/08/sharing-netflix-spotify-hbo-passwords-federal-crime|access-date=19 December 2016|agency=Guardian News and Media Limited|work=The Guardian|date=8 July 2016|location=London|language=en}} In 2016 the US 9th Circuit Court of Appeals ruled, in United States v Nosal, that Nosal's was a criminal act under CFAA." In 2018 Nosal was ordered to prison.{{Cite web|url=https://www2.staffingindustry.com/Editorial/Daily-News/Former-Korn-Ferry-exec-David-Nosal-in-prison-after-lengthy-legal-fight-45513|title=Former Korn Ferry exec David Nosal in prison after lengthy legal fight|website=www2.staffingindustry.com|language=en-US|access-date=2019-05-16}}

On June 19, 2019, the PGA Tour and Korn Ferry announced they had entered a 10-year agreement making Korn Ferry the Umbrella Sponsor of the newly named Korn Ferry Tour, the developmental tour for the PGA. In replacing Web.com, Korn Ferry's sponsorship extends through the 2028 season.{{Cite magazine |url=https://www.golfdigest.com/story/korn-ferry-replaces-webcom-as-the-umbrella-sponsor-of-the-pga-tours-developmental-tour |title=Korn Ferry replaces Web.com as the umbrella sponsor of the PGA Tour's developmental tour |last=Hennessey |first=Stephen |magazine=Golf Digest|access-date=2019-06-24}} The Korn Ferry Tour awards PGA Tour membership to the Tour's 50 leading players, including the top 25 from the Regular Season points list and the top 25 from the three-event Korn Ferry Tour Finals points list.{{Cite web |url=https://www.pgatour.com/korn-ferry-tour/news/2019/06/19/korn-ferry-umbrella-sponsor-korn-ferry-tour.html |title=PGA Tour announces Korn Ferry as umbrella sponsor of newly named Korn Ferry Tour |publisher=PGA Tour |access-date=2019-06-24}}

• Prith Banerjee (born 1960), Indian American academic and computer scientist
• Gordon Orlikow (born 1960), Canadian decathlon, heptathlon, and hurdles competitor, Athletics Canada Chairman, Canadian Olympic Committee member, Korn/Ferry International partner
• Ron Pelosi (born 1934), American businessman and public figure
• Stephen Joel Trachtenberg (born 1937), 15th President of George Washington University
• Stephen A. Unger (born 1946), American recruiter
• Ronald H. Walker (born 1937), American executive

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