The global recruitment specialist’s ‘Half-year Report’ stated that, following discussions with Cox, it was jointly agreed that it was right time to begin a process to find a successor. The statement continues: “Throughout this process Alistair will remain as CEO until a suitable candidate has been appointed and a handover has taken place.

“A thorough recruitment process, led by the Nomination Committee with the support of external consultants, is now underway, considering both internal and external candidates.”

Speaking about the decision to stand down, Cox said: “It has been an honour and a privilege to lead Hays for over 15 years and I am extremely proud of, and grateful to, my colleagues for everything we have achieved together. While the process to appoint my successor is ongoing, it will be very much business as usual at Hays.”

The news comes as Hays announces record fees for the six months to December 2022 of £651.9m, up 12%, “despite increasingly tougher markets” and operating profits down 8% to £97m from £101.6m in the same period in 2021.

Other highlights include:

• Germany: record fees, up 24%; operating profit up 17% to £43.2m. 
• UK & Ireland: fees up 7%; operating profit down 16% to £15.2m. Consultant headcount down 6% in Q2 as markets tightened.
• Australia & New Zealand: fees down 1%; operating profit down 36% to £17.8m. Consult-ant headcount down 5% in Q2 as markets tightened.
• Rest of World: fees up 12%, including 17 half-year records; operating profit down 7% to £20.8m. Fees in EMEA ex-Germany up 16%, the Americas up 8% and Asia up 5%.

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