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Spencer Stuart

Spring 2016

Our monthly newsletter to

stakeholders discussing current or
relevant company information.

WHO WE ARE: A HISTORY OF OUR COMPANY

CHICAGO, IL- In the aftermath
of World War II, many companies desired
international expansion. Up until then,

for executive searches outside the states.

professionalism by intense staff training

and guidelines. Executive Search in the

Geographic expansion of Spencer

1970s developed similarly to management

Stuart continued while opening offices in

consulting, increasingly used as a vital tool

New York City, London, Frankfurt, Paris

for successful international corporations.

and Mexico City. The firms first clients

Spencer Stuart continued to expand over

shared international visions. Clients like

seas, opening 13 more offices in North

Quaker Oats and Cummins Engine

and South America, Europe, Australia and

worked as an executive search consultant

worked with Eurpoe, Australia, India,

Hong Kong. Spence retired from his

at Booz, Allan & Hamilton. When the

China and South America to spread

company in 1974.

there were no globally recognized

executive search firms. Thats when
Spencer Stuart stepped in.
Spencer Spence Stuart first

market for managerial talent began to open business. Spence emphaized the
in 1956, Spence started his own, Chicago-

importance of research to establish

based firm. By 1960, he set up office in

metholody, credibility and structre during

Zurich and conducted searches in 29

executive searches.

countries. Spences international mindset

and consulting expertise were important
factors in his response to growing demand

He shared the belief of Marvin

Bower, McKinsey & Co. that service
firms should be owned by people who
work for them growth resulted from

During this time, the firm

developed new standards of

INSIDE THIS ISSUE

1. CEO REPLACEMENT. Pages 2-4
2. 5 ESSENTIAL QUALITIES BOARDS LOOK FOR IN CEOS. Page 3
3. WHAT WE DO. Page 4

business outside the U.S.. After that burst

of success, Booz, Allan & Hamilton sold

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replacement
for twitters ceo

NEW YORK, NY- September 30, 2015Twitter Co-founder and current interim
CEO, Jack Dorsey has recently been
named the companys permanent CEO,
after ending a three-month search for a
new company leader. Dorsey is
currently the CEO of Square, a mobile
payment company, which he also
founded, located in San Francisco, but
he will remain in this position as he takes

off their executive search branch to

over Twitter.

avoid conflict and competition.

Members of the BAH team joined

This promotion gives Dorsey a second

chance at this job for which he had

Spencer Stuart, rapidly expanding U.S.

opertaions.

attempted in 2008. The focus of this

position is to attract more users and to

By 1980, executive search

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, the first of now 20
annual board publications. These

impress Wall Street. Dorsey wants to

established itself as a major service. The

publications analyze board governance

remind the world that Twitter is not

transfer of management skills from one

and composition in global public

only still relevant but thrives.

environment to another so executives

companies. Different studies and

could bring their experience to an

reports on many aspects of leadership

organization became common.

and talent management are included in

Former CEO Dick Costolo faced lots of

criticism from investors over the lack of
user growth and pace of change that

The firm continued to open

these publications.

Twitter recently lacks. Costolo stepped

new offices in North America, Europe

The 1990s were a period of economic

down from his position in July, leaving

and Japan. By organizing the company

growth, globalization, technological

Dorsey as interim CEO. Dorsey also

into industry and functional practices at

development and the rise of the World

remains a board member while Costolo

the global level, the

Wide Web. In 1994, the firm

resigned from his board seat.

firms unique expertise spread

introduced the client satisfaction

effectively for clients. In addition

survey- the first in the industry. This

to a Consumer Practice, Spencer Stuart

survey gathered feedback from clients

created high technology practices,

on how they viewed Spencer

known as Technology, Media &

Stuarts performance in each

Telecommunications.

assignment. In 1995, global Financial

As of June 2015, Twitter had 316

million active users, lower than any
other social media site. Twitter earned
$502 million from April to June, beating
Wall Streets expectations but reported
a loss of $137 Dorsey aims to make the
site easier to use, including an easier way

In 1983, Spencer Stuart

was the first executive search firm to

Services Practices and Executive

Assessment Services were launched
to assess senior executive teams when

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launched to assess senior executive

90s, the firm opened another 22 offices in

teams when leadership decisions

Argentina, Chile, China, Columbia,

needed to be made.

Europe, Mexico, South Africa. U.S.

During this time, the

revenues also climbed to $362 million.

increasing number of high-profile

In more recent years, Spencer

New Twitter ceo

To better communicate why people should
use Twitter and how to keep users active.
Analysts are concerned about Dorsey being
able to handle two CEO positions in

corporate collapses drew attention to

Stuart has expanded their presence in India

different companies, wondering if a non-full

the importance of quality corporate

and the Middle East, totaling 56 offices in

time CEO would affect stocks.

governance. Initiatives by national

30 countries. Spencer Stuart continues to

governments lead to new legislation

assist clients in finding the best leadership

and corporate governance codes,

through their highly-connected global

designed to minimize risk of corporate

network. They focus on being the best

collapse. This renewed focus on board

professional services organization in

composition led to tougher

leadership business, continuing to build

requirements for directors and

their board advisory and assesment

increased demand for Spencer Stuarts

services. More than 57 years after the

advisatory services. By the end of the

companies formation, Spencer Stuart still

serves clients seamlessly around the world.

Dorsey is widely known as a programmer

and Co-Founder of Twitter. Before 2008,
Dorsey was removed as CEO because he
would occasionally leave work early to
pursue his other passions, like yoga. As
current CEO, Dorsey believes in simplicity,
constraint and craftsmanship. He is more
concerned with instilling his values than
increasing Twitters profit.
When Dorsey was removed from this
position, he instead became chairman of the
board. Then in 2011, he stepped up as
Executive Chairman. When Dick Costolo,
Dorseys replacement CEO, reigned in
2015, Dorsey assumed his original position
as CEO.

Five Essential Qualities Boards

look for in C.E.Os.
The leader of Spencer Stuarts Succession Services, talked to Forbes about the
fundamentals boards should seek in their organizations next C.E.O and how
aspiring leaders can position themselves for a higher position. These include:

In 2008, MIT Technology named Dorsey as

one of the top 35 innovators under age 35.
In 2012, The Wall Street Journal gave him the
Innovator of the Year award for
technology.

1. Is this leader a good strategist?

With Dorsey back at CEO, Twitter is

2.Is this leader a good operator?

hopefully to restore itself to its former glory

3. Can this leader have an impact on the cultre?

4. Can this leader build followership?
5. Does this leader show stretch potential?

and prevent a further decrease in

popularity.

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What we do
We have been providing clients with the knowledge and advice they need to make informed senior leadership decisions for more
than 50 years. Through our portfolio of services, we partner with a wide range of clients to identify, assess and recruit senior
executives and board directors to help organizations evaluate talent and prepare for their future leadership needs.

Executive Search & Recruitment

Drawing from broad industry and functional knowledge, we provide insight into executives who best fit our clients' unique
organizational needs and have access to the most sought-after leaders. Our goal is to be true advisers to our clients during all phases
of a search. We strive always to exceed client expectations by providing a meaningful choice of candidates and a smooth and
thorough process, which includes five main phases: establish search priorities, determine search strategy, attract and evaluate
candidates, present most qualified candidates for client interviews, and complete the search.

Board Services
With more than 25 years experience, we provide invaluable counsel to organizations looking to improve board composition and
effectiveness. The presence of a strong, independent and effective board is increasingly critical to the success of every organization.
We help clients around the world build qualified, experienced and diverse boards, appoint non-executive chairmen, advise on board
succession and corporate governance issues, and provide tailored board assessment services. Spencer Stuart has been a worldwide
leader in director search and other board advisory services for more than 25 years. Our global team of board experts work together
to ensure that our clients have unrivaled access to the best existing and potential director talent, and regularly assist boards in
increasing the diversity of their composition. We have helped place women in more than 1,300 board director roles around the
world. More than 30% of our director placements last year were women.

CEO Succession Planning

We have extensive experience working with boards to prepare for a smooth and orderly leadership transition and provide advice on
a range of succession scenarios from long-term planned transitions to emergency succession. An organizations ability to place the
right leader at the top has never been more important to its performance and sustainability. As expert advisers on candidate
assessment and the CEO selection process with in-depth knowledge of best (and worst) practices on succession, Spencer Stuart is
uniquely qualified to assist boards with the important and complex task of CEO succession planning, helping organizations design a
process that is effective, fair and credible.

Executive Assessment Style

Our team of assessment experts works with clients to accurately assess senior executive teams at critical points in an organizations
lifecycle, providing insights needed to identify the right leadership today and to develop future leaders.

Leadership Advisory Searches

We provide insight into executive capabilities, styles and aptitudes, as well as culture and team dynamics, so that organizations are
able to align their culture and talent with business strategy and make better leadership decisions.

Contact us
227 Park Ave #32
New York, NY
(212) 336-0200