Pendl & Piswanger InterSearch: Romania, a nursery of international leaders – how the executive search market has transformed in the last 25 years

• Romanian executives today lead regional and global operations, in a European industry valued at EUR 4.4 billion
• Pendl & Piswanger InterSearch: 2,000+ executives recruited and more and more cross-border mandates for critical industries
• The local executive search market in Romania is estimated at approx. EUR 30 million, representing 0.15% of the global market and approx. 0.7% of the European market, estimated at EUR 4.4 billion in 2024

In an executive search market that has exceeded the 4.4 billion euro threshold in Europe* and where Romania is increasingly becoming a leadership exporter, Pendl & Piswanger InterSearch Romania, part of the global InterSearch Worldwide network, marks 25 years of activity, with over 2,000 executives recruited for key positions.

Founded in 2000, the company was among the pioneers who professionalized top management recruitment in a market dominated at the time by informal recommendations and personal networks. Today, Pendl & Piswanger InterSearch Romania is one of the leading providers of executive search, leadership advisory and interim management services, with a retention rate of over 85% for placed candidates and extensive experience in strategic industries – from industry, energy, automotive, FMCG and pharma, to construction, financial services, agribusiness and technology.

From expats to local leaders and leadership export

The company’s evolution also reflects the maturation of the local market. If in the 2000s expatriate leaders dominated the corporate environment, now Romanian executives are not only preferred by multinational companies, but also called upon to lead regional or global operations. In this process, Pendl & Piswanger InterSearch Romania has functioned as a bridge between Romania and the international leadership network, bringing global standards to the country and promoting Romanian leaders in economic centers in Poland, Germany, the United Kingdom or the United States or Japan.

Another notable phenomenon of the last decade is the increase in interest of entrepreneurial companies in executive search services. If in the 2000s this segment rarely turned to specialized consultancy in top management recruitment, today more and more Romanian businesses that have reached a high degree of business maturity choose to collaborate with executive search firms to attract high-performing leaders. Many of these companies have evolved spectacularly, competing on an equal footing with multinationals and expanding their operations in the region. This trend confirms the professionalization of the local entrepreneurial environment and the consolidation of a new generation of leaders capable of leading complex organizations, with international governance and standards.

“Romanian executives are increasingly called upon to occupy key roles in Central and Western Europe, and their professionalism recommends them in critical industries – from energy and infrastructure, to automotive, technology and FMCG. The transformation from an economy that imported know-how to a leader incubator is one of the most relevant developments of the last 25 years”, says Ana Ber, Managing Partner Pendl & Piswanger InterSearch Romania.

A European industry of over EUR 4.4 billion, in full expansion

In two and a half decades, the market has changed radically: if in 2016 the local executive search segment was valued at a few million euros, today it is of the order of approx. 30 million euros, part of a European industry estimated at 4.42 billion euros in 2024*, with prospects of reaching 10.63 billion euros by 2031*.

Globally, Romania represents approximately 0.15% of the executive search market, estimated at around 20 billion euros in 2024, a share proportional to the size of the local economy, the degree of penetration of multinational companies and the regional corporate footprint.

The data also shows that the total value of the employment services market in Romania is estimated at 701 million euros in 2024**, of which the executive search segment represents a few percent, but with constant growth.

In Europe, the executive search market is dominated by a few major economic centers, but also has a diverse distribution. France leads with a share of 16.43%, followed by Russia (15.68%) and Italy (9.69%). The UK and Germany have close shares, at 9.54% and 7.97%, reflecting their role as traditional hubs for multinational companies, while Sweden (5.6%) confirms the strength of the Nordic countries in attracting and developing leaders. Smaller markets such as Luxembourg, Spain, Switzerland and Denmark, with shares between 2% and 4%, demonstrate that executive search is not concentrated only in large economies, but is widespread. However, almost a quarter of the industry – 22.92% – is found in the rest of European countries, which shows the significant potential of emerging markets, including Romania, to become increasingly visible players on this scene. Romania’s upward trend in the executive search market is explained by the consolidation of some economic sectors in which our country has become a regional pole. In energy, companies are looking for leaders capable of navigating the green transition and geopolitical challenges. In automotive and industrial manufacturing, the focus is on digitalization and complex supply chains, while in pharma and health tech the demand is for leaders who can manage both strict regulations and accelerated innovation.

Trends rewriting the leadership agenda: geopolitics, AI and diversity

This transformation is also supported by the economic context. According to the EY Attractiveness Survey*** 2024, 67% of investors estimate an increase in Romania’s attractiveness in the coming years, especially due to its well-trained workforce and strategic position between East and West. At the same time, executive salaries have become comparable to those in the region, a sign of alignment with European standards.

“Romania has come a long way. If at first companies used to call on expats for leadership positions, today more and more organizations are putting their trust in local leaders. In parallel, we see Romanian executives promoted to international positions, which confirms both their professionalism and the maturation of the market”, says Ana Ber.

The conclusions of the InterSearch Global Board Survey 2025 also clearly show that the leadership agenda is being rewritten by geopolitics, AI and diversity. 77% of board members at the international level see wars and geopolitical tensions as the main impact factor, followed by AI (65%). In Romania, these trends are felt directly: proximity to the conflict in Ukraine, geopolitical pressures and the need to reposition supply chains are forcing companies to rethink their strategy quarterly.

“The future of executive search will be defined by the balance between technology and humanity. AI can streamline processes, but the final decision remains human. Leadership means values, culture and vision – elements that no algorithm can replace”, concludes Ana Ber.

References

*https://www.verifiedmarketresearch.com/product/europe-executive-search-headhunting-market

** https://www.ibisworld.com/romania/industry/employment-activities/200090

***https://www.ey.com/en_ro/newsroom/2024/06/ey-romania-attractiveness-survey-67-of-investors-anticipate-an-upswing-in-romanias-appeal

**** https://intersearch.org/news/20250305/global-board-survey-2025-coping-with-discomfort-key-insights-from-over-3000-board-members-worldwide