Empresaria (AIM: EMR), the international specialist staffing group, announced CEO Joost Kreulen will step down and COO Spencer Wreford will take over as CEO of the Group.

Chairman Tony Martin announced the change at the Annual General Meeting on Wednesday. Kreulen was one of the directors retiring by rotation at the meeting, and had advised the board of his decision not to seek re-election. He therefore retires from his position as CEO as well.

Kreulen has been with Empresaria since 2009, and was initially responsible for its Asian operations, and then for a number of its UK-based businesses before being appointed CEO in January 2012. Prior to joining Empresaria, Kreulen spent 20 years working in various roles for businesses which now form part of Randstad nv, most recently as head of specialist staffing operations in the Netherlands.

“After nine years with Empresaria, six as chief executive officer, now is the time for me to reduce my travel commitments to spend my working time closer to home,” Kreulen said. “I have worked closely with Spencer for over eight years and I am confident that he will continue to develop and grow the Group in the coming years.”

Kreulen will continue to be involved with Empresaria as a part-time consultant, with a specific focus on the group’s operations in Germany and Austria. With the additional appointment of Tim Anderson as group finance director and other hires made in the head office team, the company does not intend to replace the COO role.

Wreford joined the board in 2010 as group finance director, before taking the COO role in 2017. He joined Empresaria from BPP Group, where he was the finance director of the BPP Professional Education division, a provider of international professional training. Prior to this he spent eight years at ITE Group plc, the international conference and exhibition organising group, as deputy finance director, during which time he also spent six months as acting group finance director. 

“With his experience and understanding of the group’s operations and culture, Spencer is uniquely positioned to take over as chief executive officer,” Martin said.

The group remains on course to meet market expectations for the full year, Marin said. Empresaria reported full-year revenue for 2017 rose 28% year over year in constant currency to £357.1 million.