One of the region’s best-known executive search firms, Salveson Stetson Group, based in Radnor, is closing after 27 years, writes Jeff Blumenthal for Philadelphia Business Journal.

The firm, located in the Radnor Financial Center, worked with some of Philadelphia’s largest companies.

Owner and founder John Salveson said it was not him or co-founder Sally Stetson who decided to close the business. 

That decision came from MPI, a Chicago holding company that purchased the business from Salveson and Stetson in 2018.

“The executive search world over the last year or two has been kind of kind of weak,” Salveson said. “And that’s true pretty much with everybody I know in search. [MPI] just made a strategic decision that they were going to return to their exclusive focus in health care.”

The two started the business in 1996 and watched it grow.

“I understand why they did what they did. I’m not saying it wasn’t the right decision for them,” Salveson said. “It just was sad and surprising for us.”

The firm has been run by Stetson while Salveson pursued other activities.

He’ll be focusing on a consulting firm he launched in 2020 called Salveson Strategic Advisors.

Read more about the company’s successes and who were some of its clients in the Philadelphia Business Journal.