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(Alliance News) - Staffline Group PLC on Thursday said its Chief Executive Officer Chris Pullen will step down from his role, as the group continues to experience a highly competitive environment.
Pullen will remain in his role at Staffline during his notice period, while the group starts a formal executive search process to find a replacement.
Pullen has been CEO at the Nottingham-based recruitment firm for two years and part of Staffline itself for five years from 2015.
Prior to that, he was part of office space provider IWG PLC, formerly known as Regus for three years from 2012 to 2015, leaving as global managing director of the group's office division.
Staffline also said its outlook for 2020 remains unchanged and in-line with market expectations, despite a continued competitive environment.
At the end of January, Staffline said it would book further charges for 2019, meaning profit for the year before would be "materially" below previous guidance.
Staffline did not specify how large these provisions and write-downs would be but said it will lead adjusted operating profit for 2019 to be well below previous guidance. In December, it guided for a figure between GBP10 and GBP12 million, the top end of which would be a third of 2018's figure.
Subject to audit, the group expects its net debt as at December 31 to be GBP60 million, down from GBP63.0 million the prior year.
"I would like to thank Chris for his contribution to the business as both chief executive and previously finance director. Chris has led the business through very difficult circumstances and we wish him well for the future. I look forward to announcing a new CEO in due course," said Non-Executive Chair Tracy Lewis.
Shares in Staffine were down 5.4% at 44.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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