STHR30 Nov 2012 08:07
Management Succession
In May, the Group announced that Gary Elden would succeed Russell Clements as CEO during 2013. Since that time Russell and Gary have been working closely together to ensure a smooth handover of responsibilities, with a number of key tasks being completed ahead of schedule. In light of this excellent progress, Gary will succeed Russell as CEO with effect from 1 January 2013, at which point Russell will retire from the Board.
Russell Clements, Chief Executive, commented: "The Group has traded satisfactorily during the year, against a macro economic backdrop that became increasingly difficult across the period and we are pleased to be expecting an outcome for the year in line with market consensus.
"In the more uncertain economic environment, the benefits of the Group's balance of Contract and Permanent business, and the success of its geographic and sector diversification in recent years, were clearly illustrated. Our contract division, which makes up half of gross profits, reported another resilient performance and remains a key area of strategic focus.
"Energy & Engineering and Pharmaceuticals & Biotechnology, which between them make up about one third of gross profits, continued to experience strong demand. These businesses are making an increasingly significant contribution both to Group performance and to our ongoing geographic diversification, with nearly two thirds of fee income now being generated outside the UK&I.
"As I leave the business after twenty six years, I believe SThree is in good shape, with a clear growth strategy and a strong financial position. As a committed long term shareholder, I look forward to seeing the Group continue to prosper under Gary's leadership and wish him every success in the CEO role."
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