Hays chief executive and founder, Denis Waxman, will retire in November. He will be replaced by Xansa's CEO Alistair Cox.

Waxman has been a director for nine years and was appointed chief executive in July 2004.

He said: "After almost 40 years it is time for me to hand over the reins and to do so to someone of the calibre of Alistair Cox gives me enormous reassurance.

"I count myself particularly fortunate to have worked for such a great company and with such an outstanding group of people."

Cox has been Xansa's CEO since 2002. Prior to this he was regional president of Asia for Blue Circle Industries, which was taken over by Lafarge.

Hays chairman Bob Lawson said: "The Board is delighted to welcome Alistair Cox to Hays. He brings to the company a breadth of experience in the service sector, combined with extensive international experience across Europe, North America and Asia, and we look forward to working with him."

As for a replacement, Xansa says that Bill Alexander, non-executive chairman, will act as interim chief executive until a permanent appointment has been made.

Ian Jermin, support services analyst at Bridgewell, told Recruiter: "This doesn't mean any great change in direction for Hays. He [Cox] has no experience of the staffing sector so he will let it run as it is. The way the business is developing is fine."