Heidrick & Struggles CFO retiring to get Ph.D

By Associated Press
Posted March 2 at 5:50 p.m.

Heidrick & Struggles International Inc. said Wednesday that Chief Financial Officer Scott Krenz is retiring after three years with the company to pursue a PhD in history.

The Chicago-based executive-search firm said Krenz, 59, will depart after the company files its 2010 annual report and completes the first quarter ending March 31.

Heidrick will begin searching for a new CFO immediately. Until a replacement is chosen, Catherine Baderman and Korhan Kivanc will manage the finance department, the company said. Baderman, 43, is vice president controller and head of business services and has been with the firm since 2003. Kivanc, 40, serves as vice president of finance advisory services, and joined the firm in 2007.

Heidrick CEO L. Kevin Kelly said in a statement that Krenz helped the company become more efficient and control costs. He said the executive team “remains fully committed to further executing that cost discipline moving forward.”

Heidrick helps companies search for top executives and works with them to develop succession plans, retain and develop executive talent.

Heidrick shares rose 11 cents to $26.19 in Wednesday morning trading.

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