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Netherlands – Row over Randstad’s departing CEO rumbles on

24 February 2014

Following the disclosure that Randstad CEO, Ben Noteboom, was paid an additional €2.5 million to terminate his contract, the company’s Supervisory Board has now confirmed that his departure was not voluntary.

Previous communication had left the impression that Noteboom had decided himself that it was time to leave. The Company’s recently published annual report states “after thorough consideration, the Supervisory Board and the CEO agreed that this was a good moment for a leadership transition”. The statement from the Supervisory Board also refers to Noteboom’s “outstanding track record” and “exemplary performance”.

However, following persistent questions from Dutch broadcaster RTL Z regarding the size of his termination settlement, a rather different complexion to events began to emerge on Friday.

The VEB (‘Association of Dutch Shareholders’) expressed their dissatisfaction with Randstad’s communication and is seeking further clarification from the Company. They even went as far as to suggest that the whole thing was a trick to circumvent corporate governance rules.

Randstad are likely to face further questions from shareholders at the company’s Annual General Meeting scheduled for 3 April 2014. 

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