RNS Number : 1211D
11 May 2012
11 May 2012
Management Succession Plans
SThree announces that Russell Clements, CEO, is to retire from the Board at the conclusion of the Group's next Annual General Meeting in April 2013 after more than twenty six years with the Group. He will be succeeded as CEO by Gary Elden, currently SThree Group Chief Strategy Officer. Gary joined the SThree board in 2008 and has over twenty two years' service with the Group. He is appointed as Deputy CEO with immediate effect. Russell will effect a progressive transition of his responsibilities to Gary over the next eleven months to ensure an orderly handover.
Russell's retirement is part of a managed succession process, which will also see the appointment to the Group Board of Steve Quinn, currently Group Managing Director Benelux & Middle East, who will join the Board as Chief Operating Officer, and Justin Hughes, who will retain his responsibilities as Group Managing Director Asia Pacific in a new Board-level role, reflecting the strategic significance of this region. Both appointments will be made with effect from 1 June 2012.
Clay Brendish, Chairman said: "Russell has made an outstanding contribution to the development and success of SThree from its inception. He announces his retirement plans after a career with the Group spanning twenty six successful years and leaves SThree in excellent shape to continue its progress.
"Gary, Steve and Justin are all talented executives with long and successful track records with the Group and we look forward to their future contributions. SThree's success has been founded on an effective match of ambition and opportunity, with a focus on the development of home grown management. The succession process provides important further career development opportunities at Board and operational level as we seek to build on the firm foundations laid over the last few years."
Russell Clements, CEO, said: "Having joined the Group in 1986 as its second employee and having been CEO since 2004, I have always been clear that, when the time was right, I would step aside and make way for the next generation to realise their potential. With SThree in a strong financial position and implementing a clear growth strategy, I believe that now is the time to put in place the management structure for the next phase of our development.
"Gary has a 22 year track record with SThree, playing a critical role in the growth of the business both as founding managing director of Huxley Associates and in the successful internationalisation and diversification of the Group in recent years. His understanding of the Group's operations and, just as importantly, of its culture, make him uniquely well qualified for the CEO role. As both the incumbent CEO and a long term shareholder, I'm sure he will do a great job and I look forward to working with him over the coming months to ensure a smooth transition."
SThree continues to trade in line with expectations and will announce its first half trading update on Friday 8 June, as planned.
- Ends -
SThree plc 020 7268 6000
Russell Clements, Chief Executive Officer
Alex Smith, Chief Financial Officer
Sarah Anderson, Deputy Company Secretary/Investor
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith/Nicola Swift
Notes to editors
Biographical details for Gary Elden, Steve Quinn and Justin Hughes:
Gary Elden (44) joined Computer Futures, the first SThree brand, in 1990, after an early career in the insurance and real estate sectors. He was appointed to the SThree Board in 2008. He has held a number of senior positions within the Group, including that of founding Managing Director of Huxley Associates one of the Group's largest specialist brands. In his role as Chief Strategy Officer, he has had responsibility for the expansion of the Group's international operations and non-ICT disciplines. Recently Gary has been based in New York from where he has also overseen the Group's US operations in the Banking, Oil & Gas and Pharma/Life Sciences markets.
Steve (42) started his SThree career in 1995 with Progressive before joining another SThree brand, Real Resourcing, shortly after its inception. He was subsequently appointed Sales Director and Managing Director for the brand. In 2009, he merged four of SThree's smaller brands to form the Real Staffing Group. He is currently Group Managing Director Benelux & Middle East having been appointed Group Managing Director in 2010, initially with a focus on the UK. Steve is also currently Programme Director of SThree's "Connect Programme" which is a multi-disciplinary initiative to build for the Group a world-class global support platform.
Justin Hughes (42) joined SThree in 1994 as a Recruitment Consultant with Progressive, SThree's second business and first spin-off brand. He became Sales Director after six years and was responsible for a number of new ventures in the UK, France, Germany and Holland before being appointed Managing Director of Progressive in 2006. In 2010 he was appointed Group Managing Director for SThree Asia Pacific and is currently based in Hong Kong where he is responsible for SThree's current businesses in Australia, Singapore, Hong Kong and Malaysia as well as for driving the planned future growth of the Group across the Asia Pacific region.
There are no additional disclosures required in respect of Gary Elden, Steve Quinn and Justin Hughes pursuant to Listing Rule 9.6.13R.
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