The Adecco Group reported fourth-quarter revenue rose 5% on an organic basis in the fourth quarter of 2016. The world’s largest staffing provider also announced management changes with Bob Crouch, regional head of North America, leaving the company.

Adecco Chief Sales and Innovation Officer Federico Vione will take on the role of regional head of North America, the UK and Ireland for general staffing effective April 1. In addition, John Marshall will serve as head of North America, UK and Ireland for professional staffing. Marshall is currently regional head of UK and Ireland.

The Switzerland-based company will align financial reporting with the new management structure starting with the first-quarter results.

Looking back at the fourth-quarter results, Adecco reported the 5% increase in revenue on an organic basis was driven by France, Italy, Germany, Austria and Switzerland. Organic growth excludes the impact of currencies, acquisitions and divestitures.

Business process outsourcing revenue, which includes managed service provider revenue, recruitment process outsourcing and vendor management system revenue rose 5% on a constant currency basis to €56 million (US$59 million). Adecco announced in December it sold a majority stake in its Beeline VMS operations to a private equity firm that also holds a majority stake in VMS provider IQNavigator.

Perm placement revenue rose 1% on an organic basis to €105 million (US$110.6 million) in the fourth quarter. However, permanent placement revenue in the UK and Ireland fell 15% on an organic basis in the fourth quarter, a sharp increase from a 3% decrease in the third quarter. Adecco Chief Executive Alain Dehaze told Reuters the slowdown in UK permanent placement occurred as financial groups wait to see what happens with the Brexit.

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“Federico and John are passionate leaders with great experience in general staffing and professional staffing, respectively,” CEO Alain Dehaze said. “The specialization of our management and organization in North America and UK & Ireland will drive further success in these important regions. I would like to thank Bob for his commitment to The Adecco Group and wish him all the very best for his personal and professional future.”

Revenue by segment

Revenue by business line

All revenue changes in the following country notes are reported on an organic basis:

France

• Revenue 7% in general staffing, which accounts for more than 90% of revenue.
• Professional staffing revenue rose 14%.
• Permanent placement revenue rose 4%.

North America

• General staffing revenue, which accounts for half of revenue, was flat. Industrial revenue was flat and revenue fell 1% in office.
• Medical & Science revenue fell 4%; IT revenue also fell 4%. Revenue fell 2% in Engineering & Technical and fell 3% in Finance & Legal.
• Permanent placement revenue fell 1%.

UK & Ireland

• IT revenue fell 3%, and Finance & legal revenue fell 19%.
• General staffing revenue rose 14%.
• Permanent placement revenue fell 15%.

Germany, Austria, Switzerland

• In Germany and Austria, revenue was flat. Swiss revenue rose by 1%.

Benelux and Nordics

• Nordics revenue rose 9% led by growth in Sweden and Norway. Benelux revenue fell 1%.

Rest of world

• Australia and New Zealand revenue rose 5%. Latin America revenue rose 9%. Revenue rose 13% in Eastern Europe and the Middle East and North Africa. In Asia, revenue rose 11%, and the increase was 10% in India.

Full-year results

Share price and market cap

Shares in Adecco fell 2.89% to 70.50 Swiss francs at close of market in Europe. The company has a market cap of 12.07 billion Swiss francs.