Hays PLC (LSE:HAS) has announced that Alistair Cox, its chief executive for the past 15 years, is to stand down once a replacement has been found and appointed.
The recruiter said the decision followed discussions between Cox and the company where it was decided that now is an appropriate time to find a successor.
Cox said it had been “an honour and a privilege” to lead Hays and “while the process to appoint my successor is ongoing, it will be very much business as usual”.
Separately, Hays said profits had fallen slightly in the half year to end-December 2022 despite fee income rising by 12%.
Operating profits in the UK and Ireland fell by 16% to £15.2mln even though fees were up by 7%, with profits also down in Australia and New Zealand and the US.
Germany was the standout performer with fees up 24% and profits 17% better at £43.2mln as permanent placements jumped by 34%.
Half-year fees overall were £652mln (£565mln), with profits 7% down at £94mln.
Cox said that the largest business of Temp & Contracting performed well, while permanent fees and volumes decreased sequentially as market conditions tightened in many markets through the half-year.
"Given the economic backdrop, our new year 'return to work' has been encouraging overall," he added.
“Temp volumes are building in line with normal trends. Perm markets are tougher, although reassuringly new year activity is consistent with second quarter levels.”