WHO WE ARE

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Spencer Stuart: Who We Are

CHICAGO, IL- In the aftermath of World War II, many companies desired international
expansion. Up until then, there were no globally recognized executive search firms. Thats when
Spencer Stuart stepped in.
Spencer Spence Stuart first worked as an executive search consultant at consulting firm
Booz, Allan & Hamilton. When the market for managerial talent began to open in 1956, Spence
started his own, Chicago-based firm. By 1960, he set up office in Zurich and conducted searches
in 29 countries. Spences international mindset and consulting expertise were important factors
in his response to growing demand for executive searches outside the U.S..
Geographic expansion of Spencer Stuart continued while opening offices in New York
City, London, Frankfurt, Paris and Mexico City. The firms first clients shared international
visions. Clients like Quaker Oats and Cummins Engine worked with Europe, Australia, India,
China and South America to spread their business. Spence emphasized the importance of
research to establish methodology, credibility and structure during executive searches.

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WHO WE ARE
Spencer Stuarts commitment to research is evident in the Environmental Study- a
survey of conditions in which new managers would operate. During this time, the firm developed
new standards of professionalism by enforcing intense staff training and guidelines. But by the
end of the decade, they adopted a set of flexible rules that applied to every search.
Executive search in the 1970s developed similarly to management consulting,
increasingly used as a vital tool for successful international corporations. Spencer Stuart
continued to expand over seas, opening 13 more offices in North and South America, Europe,
Australia and Hong Kong. Spence retired from his company in 1974. He shared the belief of
Marvin Bower of McKinsey & Co., that service firms should be owned by people who work for
them. Through this thought, he opened his share ownership for purchase to a group of
employees. Company revenue grew from $6 million in 1974 to $22.3 million in 1979. A
significant portion of growth resulted from business outside the U.S.. After that burst of success,
Booz, Allan & Hamilton sold off their executive search branch to avoid conflict and competition.
Members of the BAH team joined Spencer Stuart, rapidly expanding U.S. operations.
By 1980, executive search established itself as a major service business. The transfer of
management skills from one environment to another so executives could bring their experience
to an organization became common. The firm continued to open new offices in North America,
Europe and Japan. By organizing the company into industry and functional practices at the global
level, the firms unique expertise spread effectively for clients. In addition to a Consumer
Practice, Spencer Stuart created high technology practices, known as Technology, Media &
Telecommuncations.
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WHO WE ARE
In 1983, Spencer Stuart was the first executive search firm to establish a Boards Practice.
A flagship publication, Point of View, was developed to promote thought leadership. In 1987, the
firm released the inaugural U.S. Spencer Stuart Board Index in U.S. Today, the first of now 20
annual board publicaitons. These publications analyze board governance and composition in
global public companies. Different studies and reports on many aspects of leadership and talent
management are included in these publications.

(Spencer Stuart 2015 Board Index)

The 1990s were a period of economic growth, increased globalization, technological
development and the rise of the World Wide Web. In 1994, the firm introduced the client
satisfaction survey-the first in the industry. This survery gathered feedback from clients on how
they viewed Spencer Stuarts performance in each assignment. In 1995, global Financal Services
Practices and Executive Assesment Services were launched to assess senior executive teams
when leadership decisions needed to be made.

WHO WE ARE
During this time, the increasing number of high-profile corporate collapses drew attention
to the importance of quality corporate governance. Initiatives by national governments lead to
new legislation and corporate governance codes, designed to minimize risk of corporate collapse.
This renewed focus on board composition led to tougher requirements for directors and increased
demand for Spencer Stuarts advisatory services. By the end of the 90s, the firm opened another
22 offices in Argentina, Chile, China, Columbia, Europe, Mexico, South Africa. U.S. revenues
also climbed to $362 million.
The 2000s started off with very traumatic events like financial crisises, terrorist attacks
and corporate scandals that all contributed to a deep recession. The EU adopted the euro single
currency and grew its membership east while the company continued to grow in China, India and
Brazil. Industrial practices were established to bring together consultants from 13 different
sectors while other practices were formed to specialize in recruiting effective leaders and quality
candidate pools.
In more recent years, Spencer Stuart has expanded their presence in India and the Middle
East, totaling 56 offices in 30 countries. Spencer Stuart continues to assist clients in finding the
best leadership through their highly-connected global network. They focus on being the best
professional services organization in leadership business, continuing to build their board
advisory and assesment services. More than 57 years after the companies formation, Spencer
Stuart still serves clients seamlessly around the world.

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WHO WE ARE
About Spencer Stuart
A private company since 1956, Spencer Stuart aims to deliver knowledge, results and insight
through combined efforts from groups of experts in the field. Currently spanning 30 countries
and 56 offices, boards and companies consistently turn to Spencer Stuart to help their evolving
leadership needs. Were trusted by organizations to make senior-level leadership decisions for an
impactful effect.

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