The relationships between clients, headhunters, and candidates during the executive search process has not been researched using agency theory as the theoretical framework. This is puzzling, as the existence of common objectives and information asymmetries between these three parties make agency theory an ideal one to explain the interactions between them. We addressed this gap by developing six testable propositions for researchers. Practitioners may also benefit from the study as understanding the human assumptions in the process of executive recruitment may help increase the chances of achieving positive outcomes.