Form: 8-K

Current report filing

May 24, 2001


Published on May 24, 2001


For Immediate Release Contacts:
For investors:
Spencer Davis
(310) 556-8553

For media:
Don Spetner
(310) 843-4176


LOS ANGELES, CA , MAY 24, 2001 - - Korn/Ferry International (NYSE:KFY), the
world's leading recruitment firm, announced today that Paul C. Reilly, 47, has
been named Chairman and Chief Executive Officer, effective June 30, 2001. Mr.
Reilly joins Korn/Ferry from KPMG International, where he was Chief Executive

The appointment of Mr. Reilly culminates a five month search following the
announcement by Korn/Ferry's President and Chief Executive Officer, Windle B.
Priem, 63, of his decision to initiate a succession plan, including the orderly
process of identifying his successor. The search was conducted by Korn/Ferry
senior search consultants, guided by a search committee of the Korn/Ferry Board
of Directors.

Mr. Reilly was named CEO of KPMG International in 1998. KPMG International has
more than 100,000 employees in 156 countries. KPMG International and its member
firms provide audit, tax, consulting and financial advisory services, generating
annual revenues of more than $13 billion.

Mr. Priem said, "We are delighted that Paul has accepted the position as our new
Chairman and CEO. He has a proven track record running the global operations of
a world-class professional service firm and we are confident that he has the
judgment and professional experience to lead Korn/Ferry through its next stage
of growth."

Mr. Priem added, "I want to thank our Board of Directors and members of our
Search Committee for an outstanding job. I truly believe our shareholders,
clients and employees will be well served by this appointment. Paul has what it
takes to maintain and build upon Korn/Ferry's role as the global leader in
recruitment and to help us maximize the enormous opportunities ahead in the
human capital industry."

Mr. Reilly said, "This is a great opportunity and I look forward to working
closely with Korn/Ferry's leadership team to effect a smooth management
transition. Korn/Ferry has the brand, client base, global reach and
professional expertise to continue leading this growth industry going forward.
There has never been a better time, nor has it ever been more important, to be
in the business of enabling corporations around the world to assess, identify
and recruit senior management talent. I am very excited about joining this
organization and working closely with my new colleagues."

With the arrival of Mr. Reilly, co-founder and long-time Chairman of the firm,
Richard Ferry, 63, will assume the position of Founder Chairman. Mr. Priem,
who has been with the firm for 24 years and guided it through its initial public
offering in February, 1999, as well as setting the foundation for its strategic
growth and development, will continue as a director of the company. Mr. Priem
said he will remain active in the firm and with major clients identifying senior
management talent.

Mr. Ferry said of Mr. Priem, "On behalf of the Board of Directors and our entire
management team, we want to thank Win for his leadership. Win has, over the
years, made an enormous contribution to Korn/Ferry - - first as the leading and
most respected search consultant in the financial services industry and most
recently as our CEO. The Board looks forward to Win's continued contribution
and respected judgment as a director of the corporation."

Mr. Reilly joined KPMG in 1987 as the partner in charge of its Tampa Bay
consulting practice. Over the next decade he assumed a number of larger roles
including national leadership of the financial services and real estate
practices, chair of the international banking and finance consulting practices,
and member of the firm's board of directors and management committee. Prior to
KPMG, he served as president of Southeast Capital Corporation, a real estate
development company in St. Petersburg, FL. Mr. Reilly holds a Masters in
Business Administration, and a Bachelor of Science degree both from the
University of Notre Dame.


Korn/Ferry International, (NYSE:KFY) with more than 100 offices in 41 countries,
is the world's leading provider of innovative recruitment solutions. Korn/Ferry
consultants work closely with clients to provide tailored solutions to their
recruitment and assessment needs, through our executive search business,
identifying CEOs, COOs, CFOs, board members and other senior-level executives;
through Futurestep, which combines the power of the Internet with our
proprietary assessment tools and search expertise to fill the growing demand for
middle managers; through JobDirect, our U.S.-based online college recruitment
company serving client requirements for college graduates and entry-level
professionals; and on evaluating senior management teams through our Management
Assessment business.

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