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Australia – Rubicor CEO leaves after losses and corporate restructure

13 December 2012

Australian staffing firm, Rubicor (ASX:RUB), today announced that CEO Jane Beaumont is to retire with the current CFO Kevin Levine to replace her from mid-January next year. The announcement comes at a time when the company is in the middle of negotiating a restructuring and recapitalisation of the business.

The new CEO-to-be, Mr Levine, said: “My key focus over the next few months is the debt and corporate restructure of the company.”

Chairman John Pettigrew said the recruitment industry in Australia had seen a “very difficult” period. In a financial statement from October he said that “soft trading conditions will persist in many industry sectors due to weak business confidence.”

Rubicor was founded in 2005 and revenue for the year to June 2012 was AUD290.5 million, a decline of -0.4% from 2010. The firm made a statutory loss of AUD61.1 million in the period following an impairment charge of AUD53.4 million and a deferred tax asset adjustment of AUD4.2 million.

According to Staffing Industry Analysts, Rubicor is ranked among the top 20 staffing firms in Australia.

Ms Beaumont has been chief executive of the company since early 2009. Before joining Rubicor in 2006, she spent five years with ManpowerGroup as Vice President Sales. She was also managing director of Spherion's recruitment group in Asia Pacific which was later acquired byRoss Human Directions.

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