The Corporate Executive Board Company (“CEB” or the “Company”) (NASDAQ: EXBD) has announced financial results for the first quarter ended March 31, 2009. Revenues for the first quarter decreased 14.9% to $117.4 million from $138.0 million for the first quarter of 2008. The CEB also announced an updated outlook, dividend update and two new executives reporting directly to the CEO.

Net income decreased 11.9% to $13.1 million from $14.8 million. Diluted earnings per share for the first quarter of 2009 decreased 9.5% to $0.38 from $0.42 for the first quarter of 2008. Excluding the effects of restructuring costs, non-GAAP diluted earnings per share for the first quarter of 2009 was $0.40.

Contract Value decreased in the first quarter of 2009 by 20% due to reduced program memberships from some of our large corporate members, concentrated mostly in the financial services sector; planned contract value losses from programs that the Company is consolidating across 2009; and lower renewal rates and new sales due to economic conditions. The average cross-sell ratio decreased to 2.81 from 3.08 at December 31, 2008, reflecting cross-sell ratios of 3.27 in the Company’s large corporate market and 1.58 for middle market customers.

Thomas Monahan, Chief Executive Officer, commented, “Our first quarter results were affected by the depth of the current world-wide economic downturn and uncertainty about its duration. As is evident in our Contract Value, we faced a difficult selling and renewing environment in Q1, in which the renewal or purchase decision-making cycle of many existing and potential members has been extended in light of the current macroeconomic environment. Despite the deterioration in market conditions during the first quarter, we are pleased to see that our cost-saving efforts resulted in a 3% increase in Adjusted EBITDA margin. We are also moving forward quickly with our planned realignment of sales and service resources in the North American market. These actions will allow us both to remain solidly profitable in this challenging market and position the Company well for growth as economies in our target markets stabilize and recover.”

OUTLOOK FOR 2009

Based on the sales environment in the first quarter and the near-term extended purchase and renewal decision-making cycle anticipated in our target member base, CEB is reducing its 2009 guidance to a range for revenues of $410- $450 million and non-GAAP diluted earnings per share of $0.90 to $1.40.

For 2009, CEB expects depreciation and amortization expense of $23.5-$24.5 million and Adjusted EBITDA margin to be between 18.5% and 23.0%.

QUARTERLY DIVIDEND

The Company is decreasing its quarterly dividend from $0.44 per share to $0.10 per share, which will preserve approximately $46 million cash for the Company on an annualized basis. The Company will fund its dividend payments with cash on hand and cash generated from operations. The dividend is payable on June 30, 2009 to stockholders of record at the close of business on June 15, 2009. Mr. Monahan commented, “We remain committed to returning excess cash to shareholders while at the same time maintaining operating flexibility in these uncertain economic times.”

CEB HIRES NEW GENERAL MANAGER AND NEW CHIEF COMMERCIAL OFFICER

Andrew Huddart has joined the Company as General Manager of the Human Capital Franchise and Asia-Pacific Region and will report directly to the CEO. In this capacity, Mr. Huddart has responsibility for the management and growth of the Company’s Human Resources best practice research, employee analytics businesses, and Leadership Academies, combining them into an integrated business unit for the first time. He will also manage CEB’s growing Asia-Pacific operations. Mr. Huddart joins CEB most recently from Moody’s Corporation where he served as President of Moody’s KMV, the company’s credit risk software and analytics business, and drove significant expansion of the business, including the development of overseas operations.

Steven Meyer will join the Company on May 18th as Chief Commercial Officer, also reporting directly to the CEO. In this role, he will be responsible for managing all commercial functions, including U.S. and International revenue teams, marketing, and new product development. He will also work with CEB’s commercial management to integrate sales, service, and marketing activities to create a seamless customer experience grounded in demand driven customer service. Mr. Meyer joins CEB most recently from Dell, Inc. where he served as Vice President responsible for transforming Dell Global Services from a regional support services organization into a global services business.

Mr. Monahan remarked, “We are delighted to announce the addition of Andrew Huddart and Steve Meyer to the Company. Andrew brings a career deep with experience in corporate strategy, product management and international operations and his skill set will help us build and expand our flagship HR businesses. Steve’s experience in strategic account management, product enhancement, and marketing will help CEB create deeper and higher impact relationships with our members. We are confident that both Andrew and Steve will play key roles in building and expanding our global business.”

Visit the link below for the complete financial release and important disclosures.

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