‘No revolution’ as Randstad announces CEO Noteboom’s departure
31 October 2013
The chief executive officer and chairman of international staffing giant Randstad Holding is to step down early next year.
Thu, 31 Oct 2013Ben Noteboom (right), the chief executive officer and chairman of international staffing giant Randstad Holding is to step down early next year.
He will be succeeded by Randstad company insider Jacques van den Broek (picture below), after Noteboom steps down at the end of February next year.
Noteboom joined Randstad in 1993, attaining a position on the executive board in 2003. During his tenure in the top job, revenue at the firm has risen from €5bn (£4.25bn) to €17bn.
Van den Broek came to Randstad in 1988, rising to the executive board in 2004, and is currently responsible for the UK & the Middle East, Belgium & Luxembourg, Germany, Italy and Switzerland, as well as its education sector brand Yacht and international division Global Client Solutions.
Olivier Lebrun, an equity analyst at Natixis Securities, which covers Randstad, tells recruiter.co.uk that he doesn’t expect any changes in Randstad’s strategy. “For me it is not a revolution, it is business as usual,” he says.
Lebrun says Noteboom did “a really good job”. “He transformed the original group into a global company mainly thanks to the merger with Vedior [in July 2008], and through implementing its growth strategy in North America.”
In an analyst’s note, global financial services firm UBS says: “While the news of Noteboom’s departure was unexpected, the change is being presented as due to timing, with the business in good shape operationally and financially, and so a sensible time to carry out succession, which should be relatively smooth.”
Randstad also announced that Chris Heutink has been nominated as a member of the executive board. Heutink has been a member of Randstad’s advisory board since 2012.
On the same day that Randstad announced changes at the top, its latest financial results, available online, show a fall in revenues in the third quarter of 2013 compared to Q3 of 2012. However, the company says that it returned to growth in September.
Overall revenue in Q3 was 1% lower at €4.36bn, and 4% down when compared with the first three quarters of 2012.
However, the company says that it returned to growth during September, when revenue per working day grew by 0.6% on average.
He will be succeeded by Randstad company insider Jacques van den Broek (picture below), after Noteboom steps down at the end of February next year.
Noteboom joined Randstad in 1993, attaining a position on the executive board in 2003. During his tenure in the top job, revenue at the firm has risen from €5bn (£4.25bn) to €17bn.
Van den Broek came to Randstad in 1988, rising to the executive board in 2004, and is currently responsible for the UK & the Middle East, Belgium & Luxembourg, Germany, Italy and Switzerland, as well as its education sector brand Yacht and international division Global Client Solutions.
Olivier Lebrun, an equity analyst at Natixis Securities, which covers Randstad, tells recruiter.co.uk that he doesn’t expect any changes in Randstad’s strategy. “For me it is not a revolution, it is business as usual,” he says.
Lebrun says Noteboom did “a really good job”. “He transformed the original group into a global company mainly thanks to the merger with Vedior [in July 2008], and through implementing its growth strategy in North America.”
In an analyst’s note, global financial services firm UBS says: “While the news of Noteboom’s departure was unexpected, the change is being presented as due to timing, with the business in good shape operationally and financially, and so a sensible time to carry out succession, which should be relatively smooth.”
Randstad also announced that Chris Heutink has been nominated as a member of the executive board. Heutink has been a member of Randstad’s advisory board since 2012.
On the same day that Randstad announced changes at the top, its latest financial results, available online, show a fall in revenues in the third quarter of 2013 compared to Q3 of 2012. However, the company says that it returned to growth in September.
Overall revenue in Q3 was 1% lower at €4.36bn, and 4% down when compared with the first three quarters of 2012.
However, the company says that it returned to growth during September, when revenue per working day grew by 0.6% on average.
