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SThree announced today that CEO Russell Clements will retire from the Board at the next Annual General Meeting in April 2013. Mr Clements has been with the Group for more than 26 years and will be succeeded as CEO by Gary Elden, who is currently the firm’s Chief Strategy Officer.
Mr Elden joined the SThree board in 2008 and has over 22 years' service experience with the Group. He is appointed as Deputy CEO with immediate effect while Mr Clements will effect a progressive transition of his responsibilities to him over the next months.
“Having joined the Group in 1986 as its second employee and having been CEO since 2004, I have always been clear that, when the time was right, I would step aside and make way for the next generation to realise their potential. With SThree in a strong financial position and implementing a clear growth strategy, I believe that now is the time to put in place the management structure for the next phase of our development,” said Mr Clements.
His retirement is part of a managed succession process, which will also see the appointment to the Group Board of Steve Quinn, currently Group Managing Director Benelux & Middle East, who will join the Board as Chief Operating Officer, and Justin Hughes, who will retain his responsibilities as Group Managing Director Asia Pacific in a new Board-level role, reflecting the strategic significance of this region. Both appointments will be made with effect from 1 June 2012.
SThree continues to trade in line with expectations and will announce its first half trading update as planned on 8 June.
Following today’s announcement, the company’s share price was up +0.40% at £315.00, down -25.37% from a year ago and -26.62% below its 52-week high of £429.30 set on 13 May 2011. This values SThree at £370.07 million.