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June 14, 2015

CTPartners: staggering 22% of consultants depart avoiding DHR International

Update: June 14, 2015: most recent departures include Blayne O'Hara,  John Hawkins, Gregory Lovas, Leslie Cook, Marta Rubio Blanco, Travis Rivers, John Stefanek and Keith Macomber struck out as additional CTPartners departures - the total leavers is now 61 including 9 senior leaders in four months. 

In the four months since February 6, 2015 when DHR International made their unsolicited takeover bid for CTPartners, large numbers of CTPartners' big billers have left that firm. Could it be that these rainmakers did not like the idea of working for DHR International?

The following is a list of CTPartners consultants showing those that have left since DHR announced their unsolicited takeover bid. The firm was fairly stable until DHR International arrived on the list of shareholders.

It is an astonishing 61 departures, and there may still be more that we have not identified. It is a churn in just four months of 21.9% of the consulting team (or an unprecedented annualised churn of 65.6%).

The churn includes at least 8 Vice Chairmen and 1 Chairman, 2 of whom served as CEO or over 47% of CT's leadership team in just three months. (As an aside, talk about a lack of diversity: there is only 1 Vice Chairman at CTPartners out of 18 is female - this will make them a good fit for DHR given DHR's lip service to diversity.

All four CTPartners consultants that were previously at DHR International have left the firm, suggesting they would not want to work for DHR again. We believe there is now nobody at CTPartners who used to work for DHR.

The word in the executive search community is that most CTPartners consultants are out there talking to other employers. The huge number of departures in a short time indicates this too.

According to CTPartners' 10-Q for the quarter ended March 31, 2015, these departures have resulted in CTPartners breaching loan covenants as "the revenue initiated by departed consultants ... exceed[s] 10% of revenue for the past twelve months."

Feel free to continue to leave a comment or send us an email if you have any more information.

Adam J. Prager
Adam Kohn (Vice Chairman)
Aidan Kennedy
Adrian Chalkley
Adrian Choo
Alan MacDonald
Alan Yuan
Alex Bennett
Alex Eymieu
Alexandra Alberti
Alin Popescu
Aline Cata Preta
Amanda Newsom
Amanda Williams
Amy Shoukry
Ana Cláudia Reis
Ana Luiza Molina
Andrea Aragon Gosz
Andreas Venzke
Andrew Crawford
Andrew Duncan
Andrew Mann
Andrew Smith
Andrew Valentine
Andy Davies
Andy Talkington (Vice Chairman)
Anita Tancell
Anja Reifeneder-Köstlinger
Anne-Hermine Nicolas
Anne-Monika Dürk
Anthony Boutall
Arthur Vasconcellos
Axel de Schietere
Barbara Bodenhausen
Barbara Taylor
Barry Bregman (Vice Chairman)
Beau Yorke
Belinda Humphrey
Ben Erskine-Hill
Bernhard Kurka
Beth Clemens
Bhavana Dalal
Blayne O’Hara
Brian Ippolito
Brian Sullivan (Chairman & CEO)
Burke St. John (Vice Chairman)
Buster Houchins (Vice Chairman)
Cali Santa Maria
Carlos F. Cata
Caroline Golenko
Caroline Marshall
Catherine Fleuriot
Cayce Colley
Céline Combelas
Charles H. King (Vice Chairman)
Charles Rohaut
Chris Kao
Chris Wilson
Christopher Coe
Christopher Orr
Ciara Finegan-Taylor
Colin Simpson
Cristine Amess
Crystal Curfman (previously at DHR, and so not surprising she left)
Damian Tynan
Daniel Kaplan
David Burton
David Cowan
David Merwin
David Nocifora (CEO & Board Member)
Debbie Cozart
Deborah Whitehouse
Debra Germaine
Deirdre Kenny
(Name removed on request)
Dona E. Roche-Tarry
Eduardo Antunovic
Eduardo Taylor
Elaine MacDermot
Emillia Mohtar
Emma Burrows
Eric Price
Ernie Brittingham (Vice Chairman)
Evgeny Vassilev
Fabienne Delorme
Fleur Sandler
Florence Magne
George Cheung
Gerlinde Berger
Gerry Davis
Gert Stürzebecher
Gina Barge
Glenn M. Buggy
Greer Hopkins
Gregory Lovas
Guy Barnes
Hana Antošová
Hans Jorda
Hartmut Mueller
Hélène Krieff
Helga Long
Honor Pollok
Ian Smith
Ina Sood
J.J. Marshall
Jacqui Pinnell
James Aslaksen
James Bright
James DiFilippo (left for DHR)
James Twiston-Davies
Jan Schwartz
Jane Bargmann
Jason Johnson
Jean-Michel Beigbeder (Vice Chairman)
Jefferey DeFazio
Jennifer Conley Chapman
Jennifer Silver
Jeremy Lawson
Jeremy Robertson
Jeremy Zeman
Joe Karsay
Joe McCabe (Vice Chairman)
Johanna Fitz
John Barker
John Davitt
John Hawkins (Vice Chairman)
John J. Keller (Vice Chairman)
John Spencer (previously at DHR, and so not surprising he left)
John Stefanek
Jorge Caridad
Jules Orpin
Justin Abraham
Jutta Menzenbach
Karin Brandes
Karin Warwick-Thompson
Katalin Bereczky
Kate Harper
Kate Murphy
Kate Thorneloe
Kathleen B. Stack
Kathryn Yap
Keith Macomber
Keith Meyer (Vice Chairman)
Kelsey Landahl
Kenny Chen
Kevin C. McKeon
Kirsten Werner-Schaefer
Kris Geerds
Kristin Jonsson
Kristin Sheridan
Krisztina Kövesdi
Kyle Fernandez
Laura Esam
Laura Fogel
Lauren True
Laurence Vallaeys
Lauretta Desmedt Rudman
Laurie A. O'Shea (Vice Chairman)
Laurie Pearl
Les Stern
Leslie Cook
Léssel Della Manna
Lili Mao
Lilian Poilpot
Linda Chang
Loreto Pascual
Louisa Perry
Lourit E. Andrade
Lucie Shaw
Lucy Krell
Lynn Muirhead
Magdolna Link
Magui Castro
Manisha Deva
Manuelle Mounissens
Marc Quinton
Margaret Obenshain
Maria Alejandra Trujillo
Maria Fuema Schillio
Maria Mejia
Marianne Oger
Marine Lamy
Mark Chamberlen
Mark Dixon
Mark Mather
Mark Selvitelli
Marta Rubio Blanco
Martin Mendelsohn
Martin Nass
Martin Newman
Matthew Healey
Melissa Reed
Melody Cooper
Michael A. Matella
Michael Banks
Michael DeSimone (previously at DHR, and so not surprising he left)
Michael Gagliardi
Michael Galetto
Michel Deschapelles
Morten Nielsen
Muna Awwadova
Muriel Belda
Muriel Moreau
Natalie Borda
Natalie Stones
Nathaniel Hook
Nathaniel Stapleton
Neil Newman
Nestor D'Angelo
Nick Evans
Nicolas Giraud
Nicole Hopgood
Olga Rozehnalová
Ondřej Hlaváček
Oxana Brookes
Pablo Londoño
Pamela Santos
Patricia Gibin
Patrick Haberland
Paul Aldrich
Paul Ciancarelli 
Paul Groce
Peter Anselmo
Peter Malanik
Peter Metzger (Vice Chairman)
Philipp B. Sturm
Philippe Lambrechts
Raj Kapoor
Rebecca Abraham
Rebecca Forwood
Rebecca Glasman
Reinhard Kolvenbach
Richard Hollister
Richard Pooley
Rick Sklarin
Robert F. Gorog Jr 
Robert Murray
Robert Voth (Vice Chairman)
Robert Wilder
Ron Porter (Vice Chairman)
Royce J. Hauw
Rudolf Müller
Samantha Carey
Samuel Stylianou
Sarah Lim
Seth Steinberg
Shirley Sie Tho
Simon Monks
Solveig Romand
Sophie Thoral-Gouvernaire
Stefan Reichelt
Steve Blake
Stuart Smith
Susan Baldwin
Sylvain Dhenin (Vice Chairman and CEO)
Tanya Lau
Thais Lourenco
Thomas F. Moran (Vice Chairman)
Thomas Hölzchen
Tim Boerkoel
Tim Kemp
Tobias Rummeleit
Tom Case
Tom Koch
Tony Charles
Train Luo
Travis Rivers
Trish Shortell
Ulrich Seega
Ulrike Ischler
Umesh Ramakrishnan (Vice Chairman & Chief Innovation Officer)
Valérie Barthès
Victoria Hyde
Vince Saunders
Walid Hanna
William Foley
Yann Hadjadj
Ying Xin

51 comments:

  1. Yes, I feel for these CTPartners consultants. Like most DHR International consultants, they are probably decent human beings but they are about to work for a company with no ethics whatsoever.

    Cut your losses and run!

    ReplyDelete
  2. DHR are renowned in the market for short-changing their consultants, researchers and other employees. Like others, I was fired them for no reason other than they got to hang onto my bonus. I couldn't afford the attorney's fees to go after them.

    My advice to those at CT Partners about to work for DHR International: resign and go work for a reputable firm. You have been warned.

    ReplyDelete
  3. http://www.huntscanlon.com/Pages/Body/HumanCapital.aspx?topicid=13440

    ReplyDelete
  4. Sylvain Dhenin, a vice chairman and member of the executive committee of CTPartners, has left the company after more than nine years to join H&S

    ReplyDelete
    Replies
    1. Thanks to both of the above tip offs. We've updated the list.

      Delete
    2. Sylvain gave a infamous soliloquy to the CTPartners when he addressed the NYC office and told them to look their Partners in the eye and tell them "don't' leave (the firm)." Within several weeks Sylvain had bolted from CTP for H&S. No one was really surprised as he had 9 years to demonstrate that he was a self indulgent, egotistical boob that tried to use his French charm to manipulate people and infiltrate his way into profitable accounts.

      Delete
  5. It is a bunch of peacocks leaving a sinking ship as it is about to be boarded by pirates!

    ReplyDelete
  6. Jean Michel Beigbeder has left, re-opening his former firm.

    ReplyDelete
  7. John Spencer left CTP for Korn Ferry. Former DHR.

    ReplyDelete
    Replies
    1. Thanks for the tip.

      Spencer is still on the CT website and not yet on the KF one. We will wait for some more confirmation and then update the post.

      Will there be anybody left at CTPartners when DHR conclude their due diligence? The offer price must be going down quickly.

      Delete
    2. Why is the author of this blog concerned about the offer price? Does the author have a (short) position or an interest?

      Delete
    3. No. We hold no stock or positions in CTPartners.

      Much of CTPartners was closely held by its senior partners, many of whom are leaving and it appears selling their stock.

      For example: "CTPartners Executive Search (NYSE:CTP) major shareholder Brian M. Sullivan sold 873,806 shares of CTPartners Executive Search stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $2.96, for a total transaction of $2,586,465.76."

      Delete
    4. John Spencer is actually a good guy and he was not about to do round two with the like of DHR.

      Delete
  8. Two more

    http://www.huntscanlon.com/Pages/Body/HumanCapital.aspx?topicid=13492

    ReplyDelete
  9. Anyone who thinks they will go with DHR and leave later after the "hiring CTP'ers frenzy," think again. DHR will be true to its history and sue you and the firm you join. That's standard MO and they have their own counsel for that purpose. This will happen even if you don't have a contract or any real business. They like to destroy careers. (I am not a disgruntled former employee just a friend of someone whose career they tried to destroy.)

    ReplyDelete
  10. I agree.

    The Hoffmanns will become even more aggressive with suing anybody from CTP who leaves after acquisition. They will think they "own" you because they paid real money to "buy" you in the acquisition. Get out now while you can.

    ReplyDelete
  11. The current CEO sold most of his shares back when the price was $16. One of the longest tenure members of the firm, whom is in the Cleveland office, is related to the CEO in place before Brian Sullivan. He also owns a significant amount of shares. He and the current CEO embraced CTP's philosophy of suing any significant revenue producer that left in order to force him/her to comply with what was thought by CTP to be a valid employment agreement. Public records show that CTP mismanaged that in the past, but the philosophy never changed...so they have that in common with the Hoffmanns. What will be left at CTP are the very long tenure individuals that have been with the firm back in the Jeff Christian days that have that same philosophy. The Partners of CTP in the past used the firms bank account as their own, and that did not change under Brian Sullivan or its current CEO.

    ReplyDelete
    Replies
    1. It sounds like CTPartners and DHR International are a match made in heaven.

      Delete
  12. Do you have the number of consultants that have left since March 31, 2015?

    ReplyDelete
    Replies
    1. We don't but could compile one. What's the significance of this date? We picked the February date as this is when DHR announced the takeover attempt on CTPartners.

      Delete
    2. I am trying to gauge where CTPartners is now with all the departures (especially the bigger revenue generators since March 31, 2015). March 31, 2015 is a significant date because that is the date of the financial statements, which had taken into consideration 30 departures at that time.

      Delete
  13. Clearly the person who feeds this dung heap of a blog doesn't have a job and shouldn't stand in judgement of those who do or who are trying to determine their future as wage earners and taxpayers. You strike me as a person who was fired by DHR for good reason.

    ReplyDelete
    Replies
    1. Good to see Geoff Hoffmann posting a comment!

      Delete
    2. Thanks for your comment. We love these sorts of comments that use emotive language rather than facts. Please keep up the comments! See http://unofficial-dhr-international.blogspot.com/2015/06/the-raison-detre-and-philosophy-of-this.html

      We don't stand in judgment of anybody. However we do shine a light on the DHR International organization and its leadership and what they do to stop honest "wage earners and taxpayers" earning money and paying taxes.

      There are plenty of examples on this web site of "wage earners and taxpayers" having to sue DHR International in order to get paid.

      There are also examples on this web site of DHR leaving the payment of the entitlements of "wage earners" to "taxpayers".

      Delete
    3. Unofficial DHR Monitor, good on you for welcoming these kinds of comments. When someone refers to a "dung heap of a blog", you know you have hit a raw nerve.

      When they don't support their inflammatory label with any contrary information, you know you are dealing with someone without the power of logical debate. The commenter in this case has shown how weak the argument in support of DHR is.

      The strength of this blog is that it is fact-based. You do an astounding job of tracking down the information and supporting your posts with evidence.

      Don't let the turkeys get you down! Keep up the good work.

      Delete
  14. The immediate causes of CTP's troubles have become well-known but the underlying causes less so. The fact is that the search industry is shrinking as in-house teams soak up a lot of the volume. This has led to intense competition in the market. It seems that some of the players in the market will stop at nothing to ensure that they survive. There is a long history of search firms acquiring competitors in order to remove them from the market. You just have to get the price right - by spreading rumours that drive the share price down for example.

    ReplyDelete
  15. And with CTP's stock price having fallen well under $2/share, it is quite a testimony from the stock market in regards to the level of confidence (?) in CTP's current CEO, as well as the potential synergy of CTP and DHR coming together.

    ReplyDelete
  16. I am at DHR (and wondering how I can leave). I am not sure the Hoffmanns are really interested in buying CT Partners. They saw it is a good opportunity to kick a competitor when they were down. It is working out well. It appears CT people are distracted and fleeing the sinking ship. The more that leave, the more holes that spring up in the hull. There can be little doubt now that CT will hit the bottom of the ocean. The declining share price shows this.

    And so maybe I'm wrong and DHR will pick CT up for a bargain.

    But what about DHR?

    The problem I see is that DHR consultants in some offices are distracted as well. In some cities, they are looking at the CT consultants across the road and seeing they often have stronger practices. If the CT acquisition happens, the Hunger Games will begin (or is it the Game of Thrones?) You will have (mostly, but not always, I'm afraid to say) better CT consultants competing in hand-to-hand combat against DHR incumbents. Nobody knows how the Hoffmanns will treat the DHR 'loyalists'. When people have left DHR in the past, they've often had to sue DHR to get paid their commission or earnouts. Who can afford the cost and distraction of doing that?

    I am intrigued to see how it plays out but would rather watch it from the sidelines.

    ReplyDelete
    Replies
    1. Why do you believe the Hoffmanns are not interested in an acquisition? If they wanted to kick a competitor, wouldn't have not negotiating been the best way to kick CTPartners? That way, the creditor/CTP would not have less hope and a less likely chance that the creditors would forbear on their remedies to the covenant defaults?

      Just curious

      Delete
    2. Told you so: "I am not sure the Hoffmanns are really interested in buying CT Partners". They weren't.

      Delete
  17. Things have become quiet. Wonder if talks are still active

    ReplyDelete
  18. Does anyone else think that DHR may become cocky with CTP's stock price falling?

    ReplyDelete
  19. *Become* cocky?

    Don't you mean become *more* cocky?

    DHR are the cockiest cocks. How else do you explain their love of litigation? How else do you explain the brazen in way in which they lie?

    ReplyDelete
  20. There are many more people leaving from CTPartners

    ReplyDelete
  21. What is the aura like at DHR or CTP now? Everything seems to have gone quiet all of a sudden.

    ReplyDelete
  22. Almost all of the consultants at CTP that act like mature, seasoned, ethical, and "value add" to their clients have already departed the organization. At least in the US, there are still some Partner/Managing Partner/Vice Chairman still with the firm that date back 15 years or more, a couple of which have never worked at any other firm in their respective lives. It's hard to imagine some of those individuals being a good fit in any other firm, outside of starting their own solo practices. As CTP's stock drops closer to the $1 level, it will become not all that difficult for almost any high net worth individual, let alone DHR, to make an attempt to acquire them...although I have no idea why some other firm would want many of the consultants that remain.

    ReplyDelete
    Replies
    1. Burke St. John has the pleasure of looking out of his office window at "penis shaped" shadows. I hear he is staying with DHR which is absolutely perfect for him. Hope they don't make him move offices.

      Delete
    2. Do you honestly think that a comment like that would ever have come from a man? It's just the sort of thing a woman who has had one drink too many would say - with a giggle at the end of it. p.s. I say this as a woman!

      Delete
  23. NEW YORK--(BUSINESS WIRE)--Jun. 22, 2015-- CTPartners Executive Search, Inc. (NYSE MKT: CTP), announced today that the exclusivity period for its negotiations with DHR International Inc. regarding an acquisition of the Company expired late last week with no definitive agreement for the sale of the Company as a whole having been reached. The Company’s business and financial condition have continued to deteriorate as consultant departures have continued through the second quarter of 2015. The Company has been informed that DHR is seeking to acquire certain of the Company’s assets in a transaction with the Company’s lenders, who have the right to acquire those assets pursuant to the underlying debt documents. DHR has indicated that it expects to employ many of the Company’s consultants and employees. There is no assurance that any such transaction will be completed, and, if completed, the proceeds of such a transaction are not likely to be sufficient to satisfy all of the Company’s obligations to its lenders and other creditors, and are not expected to result in any payment to the Company’s shareholders. The Company expects that it would need additional funding to continue operating beyond June 30, 2015 but does not anticipate obtaining adequate funds from its current lenders or otherwise. Consequently, the Company intends to wind down its remaining operations in an orderly manner, but it may be required cease operations entirely or seek bankruptcy protection.

    ReplyDelete
    Replies
    1. FOR IMMEDIATE RELEASE


      DHR International to acquire selected assets of CTPartners
      CHICAGO (JUNE 22, 2015) – DHR International is pleased to announce that it has agreed in principle on non-binding terms outlining the acquisition of selected assets of CTPartners Executive Search Inc. (NYSEMKT: CTP) in a transaction with CTPartners’ lenders, who have the right to acquire the assets pursuant to the underlying debt documents. The transaction is estimated to add 17 offices and 250 employees worldwide to DHR International.

      “We’re very excited about welcoming CTPartners employees and clients to DHR. This process has been performed with extensive diligence and more than 200 phone calls between employees of both firms,” said Geoffrey Hoffmann, CEO of DHR International. “The value system and culture of DHR aligns well with those of CTPartners employees, which is always a critical component to a successful integration. Through our diligence, it became abundantly clear that the combined organization will be better able to serve clients in the unique culture that has propelled the success of both companies for so many years: client service, collaboration, an entrepreneurial and team based approach with a global reach. The addition of CTPartners’ employees will further strengthen our ability to serve our clients on a global scale with the client centric focus that has been the foundation of DHR’s success. I want to thank the employees of DHR and CTPartners for their support, time and hard work in making this acquisition a reality.”

      For more than 25 years DHR International has been a leading, privately held provider of executive search solutions with 53 wholly-owned offices spanning the globe. DHR’s renowned consultants specialize in all industries and functions in order to provide unparalleled senior-level executive search, management assessment and succession planning services tailored to the unique qualities and specifications of our select client base. For more information on DHR International, visit www.dhrinternational.com.

      Delete
  24. Joe Karsay left CTPartners Sydney this week for Russell Reynolds. He is ex DHR International Australia.

    ReplyDelete
  25. I am really appalled at the sexist comments. Come on guys. Let's take the high road. I am saddened by the destruction of a viable company due to allegations of misconduct and believe that if CTP leadership had immediately acknowledged the problem and committed to change as well as made restitution, the storm could have passed.
    As it is now, those with big books of business have landed very sweet deals and researchers, admins, associates are the ones screwed over. I am a woman as you can tell and would ask "Is it worth destroying so many people?" What was really accomplished here. There are people who are suffering and no one gained except those who were the target of the vendetta.

    This is a study in insanity.

    ReplyDelete
    Replies
    1. sexist comments? I was way more appalled by the sexist actions and activities at CTP. And I am a man.

      The problem is that the "senior leadership" you make reference to were the ones perpetrating the actions and causing all of the problems in the first place. Many of them are just egomaniacs that think societal rules just don't apply to them - like Tiger Woods, Dennis Kozlowski, Bernie Ebbers, most congressman, etc.

      Delete
  26. I think DHR is not interested to buy Neumann, because also Neumann should better seek for bankcruptcy protection. For DHR it would be very expensive...Neumann was forced to go to CT Partners because of the bad financial situation. Many Neumann Consultants, especially in the european area, earn too much for DHR, I think DHR will not pay their salaries. Many Consultants and employees at Neumann have a high fixum, DHR will not pay that.

    ReplyDelete
  27. Neumann is a class act and is way too good for DHR. Run while you can.

    ReplyDelete
  28. Of course Neumann was (!) a first class act. I heard what I wrote from a friend (a manager from CT Partners). I live in the United States, in some news (Washington Post...) exist doubts because of the transaction/DHR. I wish the Neumann people the best. In the United States we have another salary system, that´s normal in the United States. You will see, what you get from DHR. I hope Neumann will find a good solution for the future! CT Parners seek bankcruptcy protection, that´s the situation also for Neumann people, who are part of CT Partners.

    ReplyDelete
  29. Many news about the bankcruptcy situation you find of course in the New York Post, sorry, I forgot to mention it...About Neumann you also find informations and news in Google (some of them years ago), every potential investor knows that (also DHR).

    ReplyDelete
  30. I read the news from New York Post now. I really suffer with many people from CT Partners and Neumann. I think, the last person in this blog wanted to inform us about the sad situation of the employees from CT Partners and Neumann, I understand the message like that. The development was not their fault-the employees are victims-I think, that´s the message.

    ReplyDelete
  31. In some states of the world a bankcruptcy really protects also the employees. For example they often get their salaries...another solution : they need an honest investor.... I hope, they get one (who ever it is). I wish the rest of the employees the best!

    ReplyDelete