Top 20 Board & CEO Advisory 2023

This report forms part of the Ranking News Advisory series, which evaluates advisory platforms operating at the intersection of governance, leadership, and institutional decision-making across global corporate environments.

Board & CEO advisory firms have become increasingly important as organizations face rising complexity in governance standards, shareholder expectations, and executive accountability. These firms operate directly at the highest levels of corporate leadership, advising boards and chief executives on strategic direction, succession planning, crisis response, and organizational structure.

Unlike traditional consulting firms, Board & CEO advisory platforms are defined by trust, discretion, and senior-level engagement. Their role is not to execute strategy but to shape decision-making at the leadership level, often in situations involving significant financial, reputational, or institutional consequences.

As corporate governance continues to evolve, the demand for independent advisory at the board and CEO level has expanded across both public and private markets. This ranking identifies firms whose advisory platforms maintain sustained relevance within this specialized and high-trust segment of the global advisory ecosystem.

Market Overview

The Board & CEO advisory sector operates as a highly relationship-driven segment within the broader advisory landscape. Engagements are typically concentrated around leadership transitions, governance restructuring, shareholder dynamics, and crisis situations.

Demand has increased significantly in recent years due to greater board accountability, the rise of activist investors, and the growing complexity of global corporate operations. Firms in this category often maintain long-standing relationships with boards and executive teams, providing continuous advisory rather than transactional services.

While some large advisory platforms participate in this space, the sector is largely defined by specialized firms with deep networks and strong reputational capital. These firms differentiate themselves through access to senior decision-makers and their ability to operate effectively in high-stakes environments.

Industry Trend — 2023

The Board & CEO advisory market in 2023 reflects a shift toward more structured and continuous engagement between advisory firms and corporate leadership.

CEO succession planning has become a central focus for boards, with increasing emphasis on long-term leadership development and risk mitigation. Advisory firms play a key role in evaluating executive talent, structuring transitions, and supporting new leadership.

Shareholder activism continues to influence governance dynamics, driving demand for advisory services that help boards respond to investor pressure and strategic challenges. Firms are increasingly involved in preparing leadership teams for activist scenarios and managing stakeholder expectations.

At the same time, geopolitical uncertainty and regulatory complexity have expanded the scope of CEO advisory. Firms are now expected to provide guidance that integrates strategy, governance, and external risk factors into leadership decision-making.

Methodology — Core Eligibility Criteria

To ensure structural consistency within the category, firms considered for this ranking were evaluated based on the following eligibility conditions:

• Provides direct advisory services to Boards of Directors and/or CEOs
• Engages in governance, leadership, or executive-level advisory mandates
• Demonstrates recurring involvement in high-level corporate decision-making
• Maintains a distinct advisory platform separate from execution-heavy consulting services
• Operates across major financial markets or maintains international client exposure

Large-scale strategy consulting firms primarily focused on operational or functional consulting are excluded.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using a combination of qualitative and structural considerations. Key factors include:

• Depth of engagement with boards and CEOs
• Track record in leadership transitions and governance advisory
• Reputation among institutional stakeholders and executive networks
• Independence and discretion in advisory positioning
• Strength of senior advisory network and client relationships

The objective of the ranking is to identify firms whose advisory platforms maintain sustained relevance within the global corporate governance ecosystem.

The ranking universe consisted of approximately 55 Board & CEO advisory platforms globally, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning and do not represent performance rankings or recommendations.

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Tier I — Leading Board & CEO Advisory Platforms

Teneo

• Headquarters: New York, United States
• Founded: 2011

Teneo has established itself as one of the most prominent global CEO advisory firms, operating at the intersection of corporate strategy, governance, and stakeholder management. The firm works directly with chief executives and boards on a wide range of high-stakes issues, including crisis response, corporate restructuring, leadership transitions, and strategic repositioning.

Its integrated advisory model combines elements of strategic consulting, communications, and risk advisory, allowing it to support clients across complex and often sensitive situations. Teneo’s access to senior political, financial, and corporate networks further strengthens its positioning within CEO-level advisory engagements.

The firm is particularly active in situations involving reputational risk, shareholder pressure, and transformational change, where coordinated leadership decision-making is critical. Its ability to operate across both public and private sector mandates has expanded its influence globally.

Teneo’s continued growth reflects increasing demand for advisory platforms capable of supporting leadership at the highest institutional level, reinforcing its position as a leading firm in Board & CEO advisory.

ghSMART

• Headquarters: Chicago, United States
• Founded: 1995

ghSMART is widely recognized as a specialist in CEO advisory, focusing on leadership assessment, executive decision-making, and board-level advisory. The firm works closely with CEOs, boards, and private equity investors to evaluate leadership effectiveness and support high-impact talent decisions.

Its advisory model is built around data-driven leadership assessment, combining behavioral analysis with deep executive experience. ghSMART is particularly active in CEO selection, succession planning, and leadership alignment within complex organizational structures.

The firm maintains strong relationships with private equity firms and corporate boards, often advising on leadership decisions in investment and transformation contexts. Its work frequently involves evaluating senior executives under conditions of uncertainty and performance pressure.

ghSMART’s focused approach and reputation for rigorous leadership analysis have positioned it as a trusted advisor in CEO-level decision-making, particularly in situations where leadership outcomes directly influence organizational performance.

Egon Zehnder (Leadership Advisory)

• Headquarters: Zurich, Switzerland
• Founded: 1964

Egon Zehnder has evolved from a leading executive search firm into a comprehensive leadership advisory platform, with strong engagement at the board and CEO level. The firm advises on leadership development, CEO succession, board effectiveness, and governance structures across global markets.

Its advisory approach emphasizes long-term leadership development and organizational alignment, supporting boards in managing leadership pipelines and evaluating executive performance. Egon Zehnder’s global presence and deep network of senior executives enable it to operate effectively across industries and geographies.

The firm is particularly active in CEO succession planning and board composition, where it combines search capabilities with strategic advisory. Its long-standing relationships with corporate boards reinforce its position as a trusted governance advisor.

Egon Zehnder’s integration of leadership advisory with governance expertise continues to strengthen its role in Board & CEO advisory, particularly in organizations undergoing leadership transition or structural change.

Spencer Stuart (Board & CEO Advisory)

• Headquarters: Chicago, United States
• Founded: 1956

Spencer Stuart is a leading global firm specializing in board and CEO advisory, with a strong focus on leadership strategy, governance, and succession planning. The firm works closely with boards to address leadership challenges and support executive decision-making at the highest level.

Its advisory services extend beyond executive search to include board effectiveness, CEO succession, and leadership consulting. Spencer Stuart’s ability to combine market insight with governance expertise has made it a key advisor in board-level discussions.

The firm maintains extensive relationships with corporate directors and senior executives, allowing it to provide informed perspectives on leadership trends and governance practices. It is frequently engaged in complex leadership transitions and board restructuring initiatives.

Spencer Stuart’s long-standing reputation and global network position it as a core participant in the Board & CEO advisory segment.

Russell Reynolds Associates

• Headquarters: New York, United States
• Founded: 1969

Russell Reynolds Associates operates as a global leadership advisory firm with strong engagement at the board and CEO level. The firm advises on executive succession, board composition, and leadership strategy across a wide range of industries.

Its advisory platform combines executive search with governance consulting, allowing it to support boards in both identifying and evaluating leadership talent. Russell Reynolds is particularly active in CEO succession planning and board evaluation processes.

The firm’s global footprint and established relationships with institutional clients provide access to high-level advisory mandates. It frequently works with multinational corporations navigating leadership transitions and governance challenges.

Russell Reynolds Associates continues to maintain a strong position within the Board & CEO advisory market through its focus on leadership strategy and governance alignment.

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Tier II — Established Board & CEO Advisory Firms

(Alphabetical order)

AlixPartners

• Headquarters: New York, United States
• Founded: 1981

AlixPartners operates as a global advisory firm with strong engagement at the board and CEO level, particularly in situations involving restructuring, performance improvement, and strategic transformation. The firm is frequently involved in high-stakes corporate environments where leadership decisions carry significant operational and financial implications.

Its advisory model combines hands-on execution with senior-level strategic guidance, enabling boards and executive teams to navigate periods of disruption. AlixPartners is often engaged in turnaround situations, activist investor environments, and complex governance challenges.

The firm’s ability to integrate operational insight with leadership advisory has positioned it as a trusted partner for boards seeking both strategic direction and implementation perspective in critical corporate situations.

Boyden

• Headquarters: New York, United States
• Founded: 1946

Boyden is a global executive search and leadership advisory firm with long-standing involvement in board-level and CEO advisory engagements. The firm supports organizations in leadership identification, succession planning, and governance-related talent decisions.

Its advisory services emphasize cultural alignment, leadership effectiveness, and long-term organizational performance. Boyden operates through an international network, enabling it to support cross-border leadership mandates.

The firm’s experience in executive search and its relationships with senior leadership continue to support its role in Board & CEO advisory, particularly in organizations seeking structured approaches to leadership transition.

Caldwell Partners

• Headquarters: Toronto, Canada
• Founded: 1970

Caldwell Partners provides executive search and leadership advisory services with increasing engagement at the board and CEO level. The firm works with corporate boards and senior leadership teams on CEO succession, executive assessment, and governance-related talent decisions.

Its advisory approach focuses on identifying and developing leadership aligned with organizational strategy and long-term performance objectives. Caldwell maintains relationships across North America and select international markets, supporting clients in leadership transitions and board composition.

The firm’s positioning within Board & CEO advisory is driven by its focus on executive talent strategy and its ability to support boards in managing leadership pipelines and succession planning in evolving corporate environments.

Heidrick & Struggles

• Headquarters: Chicago, United States
• Founded: 1953

Heidrick & Struggles has expanded its capabilities beyond executive search into a broader leadership advisory platform, supporting boards and CEOs on succession planning, organizational design, and leadership effectiveness. The firm works with global corporations to assess and develop executive talent while aligning leadership strategy with long-term business objectives.

Its advisory services include CEO succession, board effectiveness, and leadership consulting, often in complex organizational environments. Heidrick’s global network and long-standing relationships with corporate boards enable it to participate in high-level governance discussions.

The firm continues to strengthen its positioning within Board & CEO advisory by integrating leadership analytics with governance expertise, supporting clients through leadership transitions and structural transformation initiatives.

Korn Ferry

• Headquarters: Los Angeles, United States
• Founded: 1969

Korn Ferry operates a diversified advisory platform that combines executive search with leadership consulting and organizational strategy. The firm supports boards and CEOs in areas such as leadership development, succession planning, and workforce strategy.

Its advisory approach integrates data-driven insights with executive experience, allowing it to provide structured guidance on leadership performance and organizational alignment. Korn Ferry is frequently engaged in CEO succession and executive evaluation processes.

While broader in scope than some specialized boutiques, the firm maintains a strong presence in board-level advisory through its leadership consulting capabilities and global client base.

Norman Broadbent

• Headquarters: London, United Kingdom
• Founded: 1979

Norman Broadbent provides executive search and leadership advisory services with a focus on board and CEO-level engagements. The firm works with corporate clients on leadership identification, succession planning, and governance-related advisory.

Its positioning combines traditional executive search with advisory services aimed at supporting boards in navigating leadership challenges. Norman Broadbent maintains a presence in key financial markets, particularly in the United Kingdom and Europe.

The firm’s focus on leadership advisory and its experience in executive-level engagements support its inclusion within the Board & CEO advisory segment, particularly among mid-sized and regional organizations.

Odgers Berndtson

• Headquarters: London, United Kingdom
• Founded: 1965

Odgers Berndtson operates as a global executive search and leadership advisory firm with strong engagement at the board and CEO level. The firm advises on leadership strategy, succession planning, and board composition across a wide range of industries.

Its advisory platform combines executive search with governance consulting, supporting boards in evaluating and developing leadership structures. Odgers Berndtson maintains a broad international presence, with particular strength in Europe and Commonwealth markets.

The firm’s ability to integrate global reach with local market insight has positioned it as a consistent participant in Board & CEO advisory, particularly in cross-border leadership and governance engagements.

The Miles Group

• Headquarters: New York, United States
• Founded: 2003

The Miles Group is a specialized leadership advisory firm focused on executive coaching, CEO advisory, and board-level engagement. The firm works closely with senior executives and directors to support leadership effectiveness and organizational performance.

Its advisory services emphasize behavioral insights, leadership development, and strategic alignment within executive teams. The Miles Group is particularly active in supporting CEOs through transition periods and complex leadership challenges.

The firm’s boutique structure allows for highly personalized advisory relationships, positioning it as a trusted partner for leadership-focused engagements.

RHR International

• Headquarters: Chicago, United States
• Founded: 1945

RHR International is a leadership consulting firm specializing in CEO advisory, executive development, and board-level engagement. The firm works closely with senior leaders to enhance leadership effectiveness and organizational alignment.

Its advisory model focuses on behavioral science, leadership assessment, and executive performance, supporting CEOs in navigating complex organizational challenges. RHR is particularly active in leadership transitions and executive team development.

The firm’s long-standing focus on leadership advisory and its direct engagement with senior executives position it as a specialized participant in Board & CEO advisory.

Stanton Chase

• Headquarters: Baltimore, United States
• Founded: 1990

Stanton Chase offers executive search and leadership advisory services with growing involvement in board-level and CEO advisory mandates. The firm supports organizations in identifying and developing senior leadership while addressing governance and succession challenges.

Its advisory approach emphasizes alignment between executive talent and organizational strategy. Stanton Chase operates through a global network, enabling access to diverse leadership markets.

The firm’s expanding advisory capabilities position it within the broader Board & CEO advisory segment, particularly among mid-market and international organizations.

ZRG Partners

• Headquarters: Rochelle Park, United States
• Founded: 1999

ZRG Partners is a global talent advisory firm that combines executive search with data-driven leadership assessment and consulting services. The firm supports boards and CEOs in areas such as succession planning, leadership evaluation, and organizational design.

Its advisory model incorporates analytics and proprietary assessment tools to provide structured insights into executive performance and leadership potential. ZRG’s approach is increasingly aligned with governance and board-level decision-making processes.

The firm’s growth and expansion into leadership advisory services have strengthened its positioning within Board & CEO advisory, particularly among mid-market and growth-oriented organizations.

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Tier III — Specialist Advisory Firms

(Alphabetical order)

• BoardEx Advisory
• Merryck & Co
• Norman Broadbent
• TRANSEARCH International
• Zensho Group Advisory

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Remarks

Board & CEO advisory firms continue to play a critical role in shaping leadership decisions within global corporations. As governance expectations increase and executive accountability becomes more visible, demand for independent advisory at the highest levels of organizations is expected to grow.

Firms in this segment are defined by their access to senior leadership, their ability to operate in high-trust environments, and their involvement in complex corporate situations. Boutique and specialized advisory platforms remain particularly influential due to their focus and discretion.

The firms recognized in this ranking represent organizations whose advisory platforms maintain sustained engagement with boards and CEOs across global markets. Tier classification reflects relative institutional positioning and does not constitute performance evaluation.

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Recognition

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