Posted by fellow OD blogger Terry on the trdev egroup:
Korn/Ferry International, a California executive search firm, is paying $24 million to buy Lominger Ltd. Inc., a leadership development company.Lominger really is a great brand for us HR folks, specially if you consider that Eichinger has co-authored a book with Dave Ulrich (!!) called 100 things you need to know
The all-cash deal gets KFI Lominger Limited Inc., Lominger Consulting and Lominger Intellectual Property.
Lominger, based in Minneapolis, will become a wholly-owned unit of KFI and part of the company's Leadership Development Solutions business. The company will be branded as Lominger International, A Korn/Ferry Company. Robert W. Eichinger, Co-Founder and CEO of Lominger, has signed an agreement to join Korn/Ferry as President of Lominger, while Co-Founder Michael M. Lombardo will also stay on in the role of Senior Research Fellow.
"Korn/Ferry has built a significant presence in the leadership development marketplace that will be enhanced by this acquisition. Lominger has a gold-standard reputation among HR and OD professionals," said Gary Hourihan, President of Korn/Ferry's Leadership Development Solutions business. "Clients recognize the quality of the research that the Lominger products are built upon, and they respect the methodology and the results."
Hmm, looks like clients are asking Korn/Ferry to not just source leaders but also to help them develop leaders (external hires? Internal people?). Very interesting. Hmm, now do I need to work closely with the folks at Recruiting.com ? ;-))
So would the Korn Ferry search consultants now be having conversations like this?
Client Chairman: Dear Headhunter, I need a turnaround CEO for the widgets business that has gone through a rough patch recently. We're losing market share, the Chinese are beating us on price, our suppliers are screaming hoarse, and my previous three CEOs were fired by the board.
Headhunter: Hmm...we'll draw up a list of possible candidates, but I want to let you know that widget CEOs are people who've never managed a turnaround since the business was always sych a cash cow. Would you be willing to look at someone who's not a CEO, maybe a CMO or COO of the swidgets industry?
CC: Swidgets? But that would mean teaching them all about our industry !
HH: Ah well, for that we have our newly acquired leadership development division ....of course now my billing will comprise of two components, the search and the development !