Global recruitment firm Hays has appointed a new chief executive after a near six month hunt for a new head.
The London-listed company named Dirk Hann, its current managing director of Hays Germany and CEMEA as replacement for Alistair Cox, who said was stepping down after 15 years at the helm in February.
Hann will step into the role this coming September.
It comes as the recruiter also revealed a six per cent loss in operating profit to £197m for the full year and profit before tax sank to £192m down from £204m the prior year.
The company blamed a slow down in the labour markets for the dip, however said it was trading inline with company expectations.
Despite the fall, Hays said it racked up “record” fees of £1.29bn up from £1.89bn last year, driven by the company’s decision to increase fee margins and the “positive effects” of wage inflation globally.
In the UK, which was hit hard by soaring inflation, fees rose slightly by one per cent and operating profit was down 34 per cent to £28.7m.
The company said this was due to a sharp downturn in demand particularly for permanent roles.
“The global recruitment and staffing market was estimated to be worth over $600bn (£471bn) in 2023, and we believe approximately one third was outsourced to consultancies like Hays,” the company said.
“Historically, we also believe this outsourced part of the market has grown at twice the overall market rate.
It added: “Our global network, strong brand and market leadership in the most attractive structural growth areas positions Hays as a global leader in white collar recruitment. We have built a strong platform from which to grow and take significant further market share with both SME and large enterprise clients.”