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The Netherlands — Ron Icke is leaving USG

13 July 2009

USG People, the fourth largest specialist Human Resources agency network in Europe, has announced that CEO Ron Icke will be leaving the company on September 30th 2009.

“Differences in opinion about the strategy to be taken have led to this decision to part company. Mr. Icke will be relinquishing his position with immediate effect but will remain available to the company until September 30th 2009 in order to be able to hand over ongoing projects and other duties", USG People say in a press statement.

It is unknown which aspects of USG People's strategy led to the differences of opinion but in the company's 2008 Annual Report, the strategy is defined as;“...maintaining our position as the most profitable player in Europe... (and) strengthening our multibrand strategy which allows us to serve different market segments with a variety of brands". Due to market conditions, Mr Icke warned investors that the pace at which USG People was expanding specialist activities outside the Benelux would have to be adjusted as would the pace of revenue growth through acquisitions, particularly in countries such as Germany and Italy.

USG People operates under a large number of brands in the areas of staffing, secondment and HR and customer care services. USG People is headquartered in the Dutch city of Almere and had annual revenues exceeding €4 billion in 2008. The company is listed on the NYSE Euronext Amsterdam stock exchange and is included in the Amsterdam Midcap Index (AMX).

"As of today, Rob Zandbergen will take on the position of CEO on an interim basis in addition to his current position of CFO. Furthermore Alex Mulder, a member of the Supervisory Board and a former CEO of USG People, has agreed to a request by the Supervisory Board to act as advisor to the Executive Board on a temporary basis". Mr Mulder founded Unique Uitzendbureau in 1972, which by consequence makes him a founder of USG People.

In Dutch companies, the role of the Supervisory Board is (among other things) to monitor the policies executed by the Executive Board, and to advise on strategic matters, company objectives and earnings.

Rob Zandbergen says in Monday's Financieele Dagblad that Icke's departure was because of a 'lack of chemistry' not for strategic or financial reasons and was 'absolutely not' connected to the new deal made between USG and its banks.



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