Korn Ferry at Baird Conference: Unified Talent Strategy

On Tuesday, 03 June 2025, Korn Ferry (NYSE:KFY) presented its strategic vision at the Baird Global Consumer, Technology & Services Conference. The company is shifting towards a unified approach, integrating its services to become a comprehensive talent partner, while balancing cost management and capital allocation. Despite economic uncertainties, Korn Ferry remains optimistic about its future.

Key Takeaways

• Korn Ferry is transitioning from individual business lines to a unified client approach.
• The Marquee and Diamond client program now contributes 40% of revenue.
• The company aims to maintain a 16-18% EBITDA margin, even in economic downturns.
• Digital growth is expected from a new single sign-on repository and AI initiatives.
• The firm is focusing on interim solutions to capitalize on market trends.

Financial Results

• Revenue and Client Program: The Marquee and Diamond program, with 350 top clients, contributes over $1 billion, about 40% of the company’s $2.7-2.8 billion fee revenue. This is an increase from 30% over the past six to seven years.
• EBITDA Margin: Korn Ferry targets a 16-18% EBITDA margin, currently at 17%. In a mild recession, margins might drop to low double digits, with severe recessions potentially reducing them to mid-single digits before recovery.
• Capital Allocation: The company balances reinvestment with shareholder returns, allocating approximately $100 million each to dividends (yielding 2.5%) and share buybacks.
• Digital Business Margins: The digital segment operates at 31-32% margins.
• Corporate Expenses: These run at about $30 million per quarter, or $120 million annually.

Operational Updates

• Client Relationship Management: Leadership is responsible for 70-75 key accounts, with those generating over $5 million managed by industry leaders.
• Cost Management: Korn Ferry has reduced its real estate footprint by 35% and is actively managing headcount to improve efficiency.
• Interim Business Focus: The company is enhancing its focus on finance, IT, and HR within its interim business, aiming for parity with the professional search sector.
• Digital Initiatives: A single sign-on repository for digital assets will launch in November, supported by a dedicated AI team of 40 people.
• AI Deployment: AI is being used to enhance efficiencies, such as summarizing engagement letters and developing analytics.

Future Outlook

• Strategic Goal: Korn Ferry aims to be the top firm for talent strategy, akin to how McKinsey is perceived for business strategy.
• Baby Boomer Impact: An increase in executive search is anticipated due to retiring baby boomers over the next three to five years.
• Digital Growth: Significant expansion is expected from the new digital platform and AI-driven analytics.
• Investment Strategy: The company will continue investing in fee earners and executing its strategic plan.
• Market Environment: Clients are adapting to economic turbulence with cautious optimism.

For a more detailed account, please refer to the full transcript below.

Full transcript - Baird Global Consumer, Technology & Services Conference:

Unidentified speaker: Best known as the largest executive search firm in the world, but increasingly, really a talent consulting organization.

Bob Rozek, CFO, Korn Ferry: Consulting. Yes. Yes.

Unidentified speaker: With us today, we’re very pleased to have Bob Rozek, the CFO.

Bob Rozek, CFO, Korn Ferry: Thank you.

Unidentified speaker: Bob, thanks so much for joining us.

Bob Rozek, CFO, Korn Ferry: Happy to.

Unidentified speaker: It’s always a pleasure to have you here. And I want to start with a number of different questions. So one is kind of a two parter. You operate all over the world. And you also have a number of different practices.

So I’d like to divide up this question into two parts. Okay. One would basically be, if you take a look at all the different parts of the world that you operate in, and you’re working at different levels of people. So you’ve got professional search. You’ve got RPO.

You do talent consulting. What are the areas that you’re most excited about just in terms of types of positions and areas of the globe?

Bob Rozek, CFO, Korn Ferry: Yeah, I would say if I look at the organization, Mark, what I’m actually most excited about is not specific pieces of the business, but one of the things that Gary and I have been spending a lot of time talking about is the real value and power of Korn Ferry is when we interact or interface with our clients as Korn Ferry, not as search, not as consulting, not as digital. And that’s a big focus of ours right now. For the longest time we managed the business by line of business and feel like we’ve created some natural silos. And so our big push now is to break those silos down and really try to go to market as Korn Ferry. So I think that’s where, that’s what I’m excited about.

I think that’s where the real value in the firm is going to come out. Rather than going in and saying, ’Hi, I’m Bob from exec search’ or ’I’m Bob from consulting’ and I want to sell you a transaction. I want to go in as Bob Korn Ferry partner and I want to be your talent partner. And we’re to help you with every aspect of your talent issues, your business issues. And at the end of the day, like no business issue has ever been solved without talent.

And that’s exactly where we come in.

Unidentified speaker: That’s a great lead in to one of my follow ups, which is if we talk about your Marquee and Diamond program. Sure. It comprises three fifty of your top clients, but it makes up about 40% of your consolidated revenue. With some of these, you know, clients generating 200,000,000 or 20,000,000 plus in fees, how sticky is this business? What what’s the percentage repeat?

What is the growth within that that client set? How how should investors

Bob Rozek, CFO, Korn Ferry: think about that? So we we we started that program, Mark, probably, I don’t know, six years ago, seven years ago. And at that time, you know, if you took those 350 accounts, it it comprised about 30% of our our revenue. As you said, today run rate basis, we’re about 40%. So well north of $1,000,000,000 out of our 2,700,000,000.0 2 point 8 billion dollars of fee revenue.

We, as I think about Korn Ferry and our go to market, we are very a very opportunistic organization, but that program is very intentional. And so we have historically, we’ve had global account leaders, very disciplined approach to account management that have tried to serve those clients. Again, as we think about what got us to where we are today and we look forward, we are going to make some changes to that program. So one of the things Gary has asked everybody on his, excuse me, on his leadership team to do is to take responsibility for at least one of those clients and drive. So mine is Citibank.

I know I have a strong relationship with Tim Ryan, who’s at Citibank now. And so our leadership team is going to drive right now, it’s probably seventy, seventy five accounts that they’re going to personally take responsibility for and drive those. The other areas that we’re focused on right now is as we look at those accounts, we have a program called Must Win. So anything over $05,000,000 gets elevated to the industry and the solution leaders to make sure we’ve got the right team addressing those opportunities. And then Gary’s got I mean, he’s really all in this, so he drives every other week a series of go to market calls where we’re looking at the Marquee and Diamond accounts, where we have two solutions, how do we go to three?

Three solutions, how do we go to four? And so it’s a very focused, intentional effort to take that program and continue to grow it.

Unidentified speaker: What do you typically end up leading with when you’re going into those programs? Like is there something that every single one of them engages in? Or is it No, it varies

Bob Rozek, CFO, Korn Ferry: by by economy. The one area if we if we get a large RPO and you know that one kind of automatically qualifies as a large account that we’re going to really focus on and pay attention to. But I would say most of them are just accounts that we’ve nurtured and grown over time and try to become better partners with them and provide as many solutions to them as we can.

Unidentified speaker: And so it doesn’t necessarily start with executive search No. And the relationship that you have there at

Bob Rozek, CFO, Korn Ferry: the top of the No. No. I think, you know, one of the things that we’ve done over time is executive search is a phenomenal asset for us. Mean, relationships they have there are incredible. But we’ve also done a very good job of institutionalizing the client relationships.

So if a search partner were to leave, the business doesn’t go with them, that they stay with Korn Ferry because of all the work that we do with them.

Unidentified speaker: Can you talk a little bit about that in terms of institutionalization? Specifically, let’s say you’ve got an executive search partner who’s got a really strong relationship and views it as, hey, this is my account, which I’m sure you put the kibosh on.

Bob Rozek, CFO, Korn Ferry: Yeah. Those days are pretty much behind us at this point. Think even if you talk to our search partners, I mean, were there serving those accounts and they realized being part of our ecosystem gives them the opportunity to make a lot more money. So if you are at Korn Ferry or one of the other search firms, you’re going to do your 12 or 13 searches and you make good money at Korn Ferry. You sell other solution areas into those clients, get paid to do that as well.

And the other thing that I if I was a search partner, thought about it. If I’m bringing other resources to bear helping clients solve their problems, I’m much more relevant, right, as a service provider. So the next time they have turnover, I’m gonna be top of mind to them. Great.

Unidentified speaker: I wanna switch gears a little bit. This is, you know, margins and the economy. You’ve done a great job in terms of maintaining really high margins, you know, despite, you know, what’s generally viewed as being an uneven economy. Yeah. And, even since you reported, there’s been Liberation Day and all sorts of changes.

Can you talk a little bit about what you’ve done that’s enabled you to continue to maintain the 16% to 17% EBITDA margins? And how confident are you that you’re going to be able to continue to do that if things

Bob Rozek, CFO, Korn Ferry: So our range is 16% to 18%. That’s what we’ve spoken We’re at 17% right now. And we’re very confident that we can stay within that range. Now if we were to go into a recession, depending on severity, on a temporary basis, would drop down if it’s mild, maybe low double digits, if it’s severe, mid single digits. But we’d bounce back to the ’sixteen, ’eighteen.

There’s a couple of things that we’ve done. So coming out of the COVID recovery, I spent a good amount of time tracking each line of business for a series of quarters. Then I stepped back and I said, okay, at this level of fee revenue, this is the headcount that I think we should have. These are the margins we should have. And this is the profitability we should drive.

Spent time with Gary going through each of them and we sized each of the businesses accordingly and that’s how we manage them today to those particular metrics. We also took out about 35% of our real estate. In fact, we just sublet our corporate headquarters, which was an interesting phone call I had with Gary because he was involved in in the design of it and called him up. Said, ’Hey, I don’t know if you’re emotionally attached to this thing, I want to sublet it.’ And he said, ’Go ahead.’ And so we did that. And we also have really moderated our spend on business development, internal meetings and stuff like that.

And so all those things have led us to come up with those operating models that we have in place. And now it’s just managing headcount and making sure that we’re staying within the boundaries that we set for ourselves in each line of business and rebalancing where our capacity is versus the demand continually. The other thing we’re doing is we’re we are pretty aggressively bringing in trying to bring in fee earners, but we’re also more aggressively weeding out low performers proactively. In the past, we would, you know, you hire a bunch of people, some work, some didn’t. The ones that didn’t, you’d stick around.

You have a recession, then you fire them. Now we’re just, every quarter, we’re just going through and making sure we’re getting rid of our low performers to free up those investment dollars.

Unidentified speaker: How do you judge people over a course of a quarter? No,

Bob Rozek, CFO, Korn Ferry: no, yeah, it’s a longer period. It’s to eighteen months. And if they’re not hitting the productivity metrics that we’ve set out, then at some point, you realize it’s not like wine, it’s not getting better with age.

Unidentified speaker: That’s great. Balance sheet continues to be really strong and free cash flow generation continues to be solid. Can you talk a little bit about capital allocation priorities? How are you thinking about particularly in this environment that’s still relatively uncertain?

Bob Rozek, CFO, Korn Ferry: Yes. So we’ve always had a balanced approach to capital allocation somewhere between what we put back into the business and what we return to shareholders. I would say right now and so as long as I’ve been at the company, priority has always been to put it back into the business first. We really believe deeply in the strategy. I think our performance demonstrates that it’s the right strategy and it’s working.

So we’re always going to do that, which would be hiring individuals, teams, investing back into the digital capabilities that we have, investing into technology that enables delivery of our services and solutions as well as M and A activity. But we do generate a lot of cash and so there’s a need to provide some back to shareholders. I would say that over time, we were probably a little bit lighter on the dividends. Over the past couple of years, you’ve seen us move that up. We’re at a point now where we’re very comfortable with the dividend.

It’s about 1.92 a share per year and yields about 2.5% and it will consume about 100,000,000 in what I would call investable cash. In the buybacks, about the same thing, about $100,000,000 on those. And that’s kind of where a snapshot of where we’re at today. Well, obviously, we’ll continue to monitor and manage that. The other thing I would say, Mark, is that we kind of look at the share buybacks as what I call the swing vote.

So if there’s not really good M and A opportunities, then we don’t buy companies just for the sake of buying them. We got a pretty disciplined approach. And so if we don’t have good M and A opportunities, then you’d see us do a little bit more on the buyback side.

Unidentified speaker: I was going to have kind of going a little bit in free form order based on what you’re talking about. But in terms of just the M and A opportunities, you have been making some acquisitions with regards to professional search and interim. You’ve made a number of different ones. They go from Patina to Lucas. How what are the learnings that you’ve gotten from some of those acquisitions?

Which types do you find are the most synergistic with Korn Ferry? And which ones may you end up deciding or probably going to deemphasize?

Bob Rozek, CFO, Korn Ferry: Yes. No, I would say on the interim side, we’ve been fairly focused. Lucas was probably a little bit more, what I would call generalist. And so the learning from that was now we want to really focus on finance and accounting, IT, got a little bit of HR, and Patino was the one that is C suite.

Unidentified speaker: Right.

Bob Rozek, CFO, Korn Ferry: Right? So what we’re trying to do is mirror a couple of things. So the interim business that we have is focused in those verticals as well as when you look at it, it’s at the same level as our professional search business. So we’re not going down into admins or factory workers or anything like It’s basically the same level that we do for professional search. And we’re really trying to take advantage of secular trends that are out there.

Mean, look at like my daughters, for example, and the way I came up and grew up and thought about work is very different than the way they do today, right? I look at baby boomers who are getting ready to retire and quite honestly the past four or five years have been tough, right? So a lot of people are saying, no, Mas, I’m done. And so taking advantage of that with the temporary interim work is part of our strategy. The other thing I would say is from a synergistic perspective, the ability for Executive Search to refer that type of work is huge.

It’s huge, and especially if you think about on the exec search site. If you client calls, I lost my CFO, well I can get you a temporary one while I find your permanent one, right? So it’s a very easy kind of cross sell, if you will. The last thing, the last point in that, our clients are actually asking us to do that for them, especially on the RPO side. They’re coming to the same way, you’re managing all my permanent hires, why wouldn’t you manage my temporary hires?

Unidentified speaker: That’s great. So how do you balance you’ve got the 16% to 18% EBITDA margin target in general. How big could the Professional Search and interim categories are really huge. They dwarf executive search. How confident are you that you’d be able to maintain that 16% to 18% margin level if professional search and interim becomes bigger?

Bob Rozek, CFO, Korn Ferry: Well, we’re doing a couple of things. The interim does have a lower margin profile to it, but we’re also investing heavily in ProSearch, which is as profitable as Exec Search. So when you look at the fee earner base in Professional Search, you’ll see us adding fee earners there. And that’s a huge market, right? Exact search for us, the addressable market is probably about 5,000,000,000 or 6,000,000,000.

I would say on a ProSearch side, probably five times that. And so you’ll see us investing there. So we’ll manage that business. Today it’s around 20%, twenty one %. We’ll continue to manage that to continue to contribute at that level.

The other thing you have to think about too is when you think about the 16% to 18%, we are going to be rolling out, we talked about this in the past couple of calls, in November this one single sign on repository, if you will, work for all of our digital assets. So you think about whether it’s assessments, pay data, success profiles, all of our IP data and content that we have will now be available easily consumed by our consulting when they’re delivering work sold as an integrated solution, as well as consumed directly by clients. And so as that digital business grows, that’s at 31%, thirty two % margins. And so as we think about the business and we look forward and you balance all that out, again, we’re very, very comfortable at ’sixteen to ’eighteen.

Unidentified speaker: You brought up two topics that I want to address. So one, you just relatively short, but you mentioned baby boomers,

Bob Rozek, CFO, Korn Ferry: something that

Unidentified speaker: I appreciate. Gary talks about peak 60 five, which is three years hence. Mhmm. How do you think that, you know, the the wave of retiring boomers is gonna end up impacting your business?

Bob Rozek, CFO, Korn Ferry: I think over the next three to five years, we’ll probably see a slight uptick on the executive search side as a result primarily of that. But it’s sometimes it’ll at some point it’ll subside back down and search will be for us, kind of a low single digit grower. To me, it’s more of a share game at this point in time.

Unidentified speaker: Okay. Great. And then you mentioned digital. You’re creating new ways for your clients to consume your data. Can you give a few examples Sure.

Of the types of data that you’re selling? Because that’s it’s it’s a really intriguing part of your business mix. Yeah. And it’s a way for you to capitalize on all the IP that you have. And so I’m wondering if you can just talk about, like, some of the bigger deals that you’ve signed there.

Bob Rozek, CFO, Korn Ferry: Yeah. I’ll give you a couple of examples. So, and things that we’re doing in with partnerships too. So just to give you an example of what I’m talking about. So let’s say in today’s world you’re at a client and they’ve signed up to do assessments and development work, which we have at some very, very large technology companies.

They’ve asked us to come in and actually develop their next level of leaders. So what you would do today is you’d go and you’d take the assessment, right, and then you get the results. And so you’d sign into that repository, you back out, and then you say, Okay, this is the development I have to do. So you go over to that repository, you sign in, and you take your courses or whatever, your coaching, and you back out. So it’s pretty clunky.

What Matthias is building is a single repository. So tomorrow or November when this thing goes live, you’ll go in, take your assessments, you’ll have the development content delivered to you, right, that you will take. And actually, with the KF Institute, what they’re working on is actually being able to take the characteristics of a company and what are the bigger growth drivers, align the development to that and then prioritize, take this course first, this course second, this course third. So whatever you’re doing has the most impact on a company. So that would be one example.

The other thing that we’re doing, we’ve had a lot a number of large KF sell deals. So we bought a company back in 2019 called Miller Heiman, which is kind of the gold standard in selling. And we’ve taken all those assets, digitized them. And we’ve had, like I said, a couple of large engagements where people have actually licensed our selling IP, and we’re now doing consulting with them around that selling IP. So it’s org design, compensation, reward schemes, sales methodology training, all that.

That would be another example.

Unidentified speaker: And you’ve had some really big deals on that sales methodology side.

Bob Rozek, CFO, Korn Ferry: We have. Yeah. Have. Can you

Unidentified speaker: talk a little bit about that? I’m not don’t know how much you feel is confidential versus what you can share.

Bob Rozek, CFO, Korn Ferry: Well, yeah. I’d have to go in and see if we can mention without naming client names. But there was a large financial client financial services client headquarters in The UK, but they have big U. S. Operations and they just did a big license with us.

It was about $10,000,000 deal for three years to license our KF Cell IP.

Unidentified speaker: And that’s the same sort of thing that you ended up selling to a really large technology software company based out in the Silicon Valley?

Bob Rozek, CFO, Korn Ferry: Yes, we may have.

Unidentified speaker: Yeah. Okay. Great.

Bob Rozek, CFO, Korn Ferry: Yeah. Mean, the bigger deals have been quite honestly, bigger deals have been on our coaching and development. The big companies out in Silicon Valley that I’ve sort of mentioned earlier, they’ve come to us, we love your coaches. We love your development content. Can you develop the next level of leaders for us?

And those are $45,000,000 contracts over three years.

Unidentified speaker: I mean, digital has such high margins. It’s obviously compelling. What would it take to really accelerate the growth rate there? Because it’s been somewhat flattish.

Bob Rozek, CFO, Korn Ferry: Oh, it has been flat. Yes. No, it has been flat. And it’s something that we’re not particularly happy with, but we’re very focused on it. To me the big we call it the step change is going to happen when we are able to have this single sign on database that makes the use and delivery and consumption of our data IP and content much, much more efficient and effective.

The other thing we’re going to be doing, and it’s probably another question, I’ll preempt Go ahead. Is on the AI front. And so we’ve now stood up a whole separate, got about 40 people as part of our AI, Gen AI. It’s a corporate structure that’s looking across Korn Ferry. One of the things that we’ve got them focused on is, again, once this database is all set up, we are working with a number of clients today to do what we call scaled analytics.

So we can go in and benchmark their people relative to the other employees. We can benchmark their people relative to industry benchmarks and so on. Today all that happens and it’s all manual. People have to crawl in and crawl out of these different databases. Once we have this single sign on, we’ll be able to deliver that scaled analytic, which provides unique and differentiated insights to clients much, much more effectively and efficiently using AI, Gen AI.

Unidentified speaker: Great. And then one question, and I know you’re in a sensitive position because you’re in the quiet period right now. So don’t want you to disclose anything that you don’t feel comfortable But obviously, there is a lot of uncertainty out there in terms of the environment. How is that impacting your investment decisions right now with the company?

Bob Rozek, CFO, Korn Ferry: Yes, don’t we haven’t really changed that. We continue, no matter what the operating environment is, we believe in what we’re doing and we just keep our head down and continue to execute the plan. And you may toggle back a little bit here and there, but I would say right now we’re, you know, we’re staying the course and we’re out hiring fee earners, freeing up cap space by letting low performers go and just running our playbook.

Unidentified speaker: And then that 16 to 18% margin target, that’s, you know, kind of in a relatively steady state. But if we really truly go into a recession, you’ve done a great job in terms of managing expenses. What’s kind of a lower bound if we end up having a true recession?

Bob Rozek, CFO, Korn Ferry: Yeah. Would say, again, it depends on severity. But in a severe recession, you know, we would probably manage the business And you obviously have a quarter where there’s a real significant downward spike, but we’d manage the business to a mid single digit EBITDA margin and then obviously accelerate back up to the 16 to 18. If it was a milder recession, we’d probably be in the low double digits.

Unidentified speaker: So low double digits

Bob Rozek, CFO, Korn Ferry: for Yeah. Mid single for more severe. And when we go into a downturn, we generally this is historically we’ll come down for a couple of quarters, hit the bottom plateau and then start the recovery. So we would manage the plateau to those levels.

Unidentified speaker: And then you mentioned AI with regards to digital. But can you talk a little bit about your AI initiatives more broadly and what it’s doing to increase the efficiencies?

Bob Rozek, CFO, Korn Ferry: Yes. So we’ve got like I said, we’ve got 40 people that are trying to tackle AI for us right now. And we really look at it a couple of different ways. One is commercially, right. So I talked about how we would use that to do scaled analytics.

We’re also looking at it as a tool that will help us become more effective or efficient in our delivery of some of our consulting services. So for example, if we did a they call them ELI, executive leadership development program, you would have a two or three day session off-site, you do simulations and at the end of it, somebody has to write up a report. Well now it’s going to be able to use AI to do that for us and takes 15 to do what used to take five hours. And as I look at that, think about the company, I don’t necessarily view that as an opportunity to continue to cut costs. I view it more as an opportunity to free up capacity because we’ve got substantial amount of backlog that we can convert to fee revenue.

So I would look at it more from the perspective, I’m going to take those that capacity, those hours and apply it against my backlog. We’re using it in our back office activities. Like every engagement letter or contract that we sign, somebody’s got to review it for revenue recognition. We now have that set up where we run it through AI. Somebody still looks at it, but AI summarizes it very succinctly for us.

So saving a lot of time there. The other areas that we’re spending time focused on AI agenda is on the governance around it and then obviously security. Because when you think about the data, IP and content, those are pretty precious assets, and we got to make sure they’re secure.

Unidentified speaker: How much room do you have in terms of AI improving kind of the back office efficiency?

Bob Rozek, CFO, Korn Ferry: Oh, think quite a bit. AI is still I mean, it’s been around for a while. It came out like wheels on fire and then all of a sudden it was not hallucinated, it wasn’t effective, whatever. I think it’s starting to get much, much better now and we’re starting to see a positive inflection. So I would say we’re still at the very early stages of being able to deploy it.

Unidentified speaker: When we think about your expense structure, how much of it is back office at this point?

Bob Rozek, CFO, Korn Ferry: Our corporate runs, I want to say, it’s like 30,000,000 quarter, so maybe a hundred $20,000,000 a year, something like in that neighborhood.

Unidentified speaker: And what sort of efficiencies do you think you might be able to get over, you know, five years?

Bob Rozek, CFO, Korn Ferry: Out of that, you know, we have roughly 660 people in whatever call corporate roles. I don’t know that there would be a ton of cost takeout that would come from using it. We run we run pretty lean right now. You’re not you’re not gonna see a lot of excess or fat in the corporate. There may be some, but I it wouldn’t be But

Unidentified speaker: you could scale it.

Bob Rozek, CFO, Korn Ferry: But yeah.

Unidentified speaker: You could

Bob Rozek, CFO, Korn Ferry: Yeah. But I would say it’s not like you’re gonna but through AI, you’re gonna cut corporate by 25%. I I just don’t see that happening.

Unidentified speaker: Okay. You know, one question that just keeps coming up is, you know, for everybody, and again, it’s a sensitive time of the year for you. But, if I take a look at the equity market, it seems like we’re kind of ignoring tariffs at this point. Do you think some clients are basically shifting how they’re thinking and it’s like the shock has kind of worn off and people are just saying, okay. We’re just gonna have a turbulent environment, and we’re just gonna operate?

Or

Bob Rozek, CFO, Korn Ferry: I I think that’s what I think that’s what world is right now. There’s still I mean, it’s not we’re not seeing, like, exuberant levels of confidence where I’m gonna make all these investments and all that. I think people are just, hitting the pause button, letting things operate, see where how things play out. My guess is over the next two or three quarters, we’ll be a lot smarter about how companies are going to go about things and how they’re going to operate.

Unidentified speaker: And then can you talk a little bit about the culture and within Korn Ferry and what the long term because I don’t think a lot of people fully appreciate, like, how people truly view and I’m talking within executive leadership as well as the Board. I don’t think a lot of investors fully appreciate what your kind of longer term aspirations are.

Bob Rozek, CFO, Korn Ferry: Yes. So listen, I think we’re our goal to be real simple, like when you think of business strategy, who do you think of? McKinsey, Bain, BCG, right? So when you think of human capital or talent strategy, who do you think of Korn Ferry? That’s our goal, stated real simple.

Unidentified speaker: Great. Unfortunately, out of time. Please join me in thanking Bob for a terrific discussion.

Bob Rozek, CFO, Korn Ferry: Thanks.

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