FTSE 250 recruiter Hays PLC (LSE:HAS) has announced that Dirk Hahn will take over as CEO from Alistair Cox, starting in September.
Hahn, who has been with Hays since 1997, currently oversees operations in Germany and other regions.
Under his leadership, Germany has become the company's primary market.
The search for a new CEO began in February, with Cox, who has been at the helm for nearly 16 years, agreeing to stay until a replacement was found.
He played a pivotal role in the company's growth, emphasising investments in IT and data.
For the year ending 30 June 2023, Hays reported an operating profit of £197 million, exceeding the anticipated £193.9 million.
Its shares fell 1.8% to 101.4p after it said it anticipates a decrease in net fees for the first half of financial year 2024 due to challenging conditions in permanent hiring.
Broker Liberum reckons the stock is worth 125p. "Shares are cheap, but patience is required as we are not yet at the inflexion point in terms of estimate momentum," it added.