Global technology recruiter SThree has announced that chief executive Russell Clements (left) will retire from the board next year, with current group chief strategy officer Gary Elden succeeding him.
Clements will retire at the conclusion of the firm’s next AGM in April 2013, following more than 26 years with the group.
Elden joined the SThree board in 2008 and has spent over 22 years with the company. He becomes deputy CEO with immediate effect.
According to an SThree statement: “Russell will effect a progressive transition of his responsibilities to Gary over the next 11 months to ensure an orderly handover.”
In a note to investors Kean Marden, head of support services equity branch, analyst, Jefferies International, comments: “It was generally known in the industry that Russell would retire at 50 (in three years time) so while the move to secure succession today is unsurprising, its timing is. We have talked with Russell who indicates that he has no plans to sell shares or join a competing business.”
Speaking to Recruiter
, he adds: “Russell and Sunil Wickremeratne [SThree’s former chief operating officer] have built a leading professional staffing firm with meaningful market capitalisation from an investor perspective over the last 20 years, and they have achieved this purely through the organic route.”
Clements was keynote speaker at the inaugural Recruiter
event celebrating those firms on the Recruiter
Fast 50 list of the fastest-growing recruiters in the UK, compiled for the magazine by Boxington Corporate Finance.
He spoke to Recruiter
about methods and philosophies that have seen SThree grow so successfully in the UK and overseas in this video from the March event, sponsored by law firm Charles Russell.