Korn/Ferry International named a new chief executive and will separate the roles of chairman and chief executive in a move to further grow its business, the Los Angeles executive recruitment firm said Friday.
Paul Reilly will retain his role as chairman of the company but turns over his chief executive duties to current Chief Financial Officer and Chief Operating Officer Gary Burnison effective July 1.
Reilly, who has served as chief executive since 2001, will remain as full-time executive of the firm but his exact duties were not specified.
The company also said that it expects a pre-tax charge of $4.5 million (6 cents per share) in the fourth quarter of 2007, due to a credit adjustment to a previously recorded lease restructuring reserve.
Shares in Korn/Ferry were down 14 cents to $23.58 in afternoon trading Thursday on the New York Stock Exchange.
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