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NEW YORK – New long-term turnaround specialists will be needed in the C-suite and Energy/Industrial companies may replace CEOs and other top executives, according to the quarterly Boyden Executive Outlook released today.

“The credible predictions of a two-year slowdown will push many companies to bring in long-term turnaround specialists,” said Chris Clarke, President and CEO of Boyden World Corporation. “We expect a higher than normal turnover in board positions, as shareholders have become unsatisfied with corporate performance, share price and executive compensation. In addition, CEOs realize we’re in a prolonged recession. They are making plans accordingly and hiring key people to fill the gaps and to manage in line with the new austerity mood.”

For in depth analysis, please see “Leadership in a Time of Crisis,” Boyden’s new report which includes an exclusive interview with thought leader David Gergen, the Director of Harvard’s Center for Public Leadership. The report is now available at www.boyden.com.

Industrial/Energy

“In the Industrial and Energy sectors, we foresee a number of changes in CEO and CFO roles as some executives will struggle to be effective during a deep downturn,” said Jim Hertlein, Leader of Boyden’s Global Industrial Practice and Managing Director, Boyden Houston. “In boom times, a company does not develop its best executives because their inadequacies are covered up. The upside is a company builds its finest managers in a changing market.”

In Europe’s manufacturing sector, there’s an expected rise in demand for Senior Finance executives with merger & acquisition experience due to the increasing number of distressed and overleveraged mid-sized companies without bank financing. Additionally, top General Managers and Plant Managers with international experience will be recruited as a result of new production shifts to Central and Eastern Europe, according to Joachim Sauter, Managing Director of Boyden Prague. 

Government and Public Sector

Many governments are planning projects to promote their economies through new infrastructure, including hospitals, airports and seaports, according to Tim McNamara, Leader of Boyden’s Global Government and Public Sector Practice. Private sector talent is aggressively being recruited to deal with related government and stimulus projects.

“Senior-level executives with the right experience are needed to effectively deal with federal issues and public/private partnerships around the globe,” said Mr. McNamara. “Professional service firms that consult with governments are also keeping pace by hiring financial and project management experts.”

Financial Services

In Financial Services, executives are increasingly moving from large firms to smaller more entrepreneurial ventures.  Firms are strategically hiring to ensure they have the best human capital to lead businesses, divisions, groups and new concerns, according to Jeanne Branthover, Leader of Boyden’s Global Financial Services Practice. She noted that functional areas of growth include Credit Risk, Business Risk Strategy, Accounting/Finance and Business Development.

“Financial Services is reinventing itself to create new revenue,” said Ms. Branthover. “Firms’ focus is survival for 2009 and 2010 and they understand superior human capital is the answer.” 

In Australia, the relative stability of its top banks ensures an attraction mechanism to recruit senior management to join Australian institutions from more difficult markets. Additionally, the “troubled” divisions of some banks are bringing in new talent and diverting internal talent to Balance Sheet Management, Risk Management and Insolvency Practice roles, according to Michael Catlow, Managing Director of Boyden Melbourne.

Consumer

Corporations in the Consumer sector seek “change” management that make necessary shifts while maintaining companies’ cultural and environmental strengths, according to Trina Gordon, Chairman of Boyden World Corporation and Managing Director of Boyden Chicago. “CEOs, Chief Marketing Officers and Chief Supply Chain executives that possess the ability to market differentiated, cost effective products to cautious consumers are in greater demand,” added Ms. Gordon.

“Companies increasingly need ‘heroes,’ who can motivate and move forward and who also bring strong cost saving management,” said Dirk Friederich, Leader of Boyden’s Global Consumer Practice. “A perfect executive in today’s market would be a high-level Finance/Control manager with an understanding of Marketing/Sales, but not the other way around.”

Mr. Friederich also predicts continued relative growth in SMS-Marketing with successful organizations creating ideal fits with other brands.

Technology

Smart phone platforms catering to consumers’ obsession with wireless technologies, including Apple’s iPhone and the recently announced Ovi Application Store from Nokia, continue to offer technology companies growth opportunities that are counter to most other tech sectors. Companies continue to explore new “federated” plans that combine traditional print and broadcast with online advertising.  Recruiting for Sales/Marketing executives with track records in both traditional and new platforms remains steady.

“Even with the challenges in today’s market, we expect traditional technology and cleantech initiatives will be early leaders out of the recession,” said Neil Sims, Managing Director, Boyden San Francisco and Leader of Boyden’s Cleantech Initiative. “We anticipate a pickup of recruiting related to Cleantech in line with the global momentum of governments to invest and give incentives for renewable solutions.”

About Boyden World Corporation

Boyden is a global leader in the executive search industry with more than 70 offices in 40 countries. Founded in 1946, Boyden specializes in high level executive search, Interim Management and Human Capital consulting across a broad spectrum of industries. For further information, visit the firm’s website at www.boyden.com.