Hudson Highland Group Terminates Chairman and Chief Executive Officer Jon Chait
February 22 2011 - 3:16PM
The Board of Directors of Hudson Highland Group, Inc. (Nasdaq:HHGP)
today announced that it has removed Jon Chait as chairman and chief
executive officer of the company, effective immediately. The Board
has appointed Mary Jane Raymond, the company's executive vice
president and chief financial officer, to serve as interim CEO.
Lead outside director Richard J. Stolz has been elected chairman of
the board.
The company announced on December 1, 2010 that Mr. Chait agreed
to retire at the company's annual meeting of shareholders on April
28, 2011. On February 16, 2011, Mr. Chait informed the board
of directors of his desire to stay on as chairman and CEO
indefinitely and requested that all efforts to identify a successor
be cancelled immediately.
Richard J. Stolz said, "We are disappointed that we were unable
to reach an agreement on the terms of Mr. Chait's
retirement. His recent communications with the board have
caused us to lose confidence in his judgment, and we believe it is
in the best interests of shareholders to remove him as chairman and
CEO at this time. The Board has made significant progress on the
search for Mr. Chait's successor, and we are confident in Ms.
Raymond and the rest of our senior operational team to lead the
company during this interim period."
Ms. Raymond added, "I look forward to serving the company in
this role as we transition to a full-time replacement in the coming
months. Hudson Highland is well positioned to benefit from the
improved industry outlook, and we remain committed to meeting our
financial targets."
About Hudson Highland Group
Hudson Highland Group, Inc. is a leading provider of permanent
recruitment, contract professionals and talent management services
worldwide. From single placements to total outsourced
solutions, Hudson helps clients achieve greater organizational
performance by assessing, recruiting, developing and engaging the
best and brightest people for their businesses. The company
employs more than 2,000 professionals serving clients and
candidates in approximately 20 countries. More information is
available at www.hudson.com.
Safe Harbor Statement
This press release contains statements that the company believes
to be "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact included in this press
release, including statements regarding the company's future
financial condition, results of operations, business operations and
business prospects, are forward-looking statements. Words such as
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"predict," "believe" and similar words, expressions and variations
of these words and expressions are intended to identify
forward-looking statements. All forward-looking statements are
subject to important factors, risks, uncertainties and assumptions,
including industry and economic conditions' that could cause actual
results to differ materially from those described in the
forward-looking statements. Such factors, risks, uncertainties and
assumptions include, but are not limited to, global economic
fluctuations; risks related to fluctuations in the company's
operating results from quarter to quarter; the ability of clients
to terminate their relationship with the company at any
time; competition in the company's markets; risks
associated with the company's investment strategy; risks related to
international operations, including foreign currency fluctuations;
the company's dependence on key management personnel; the company's
ability to attract and retain highly skilled professionals; risks
in collecting the company's accounts receivable; the company's
history of negative cash flows and operating losses may
continue; restrictions on the company's operating flexibility
due to the terms of its credit facility; implementation of the
company's cost reduction initiatives effectively; the company's
heavy reliance on information systems and the impact of potentially
losing or failing to develop technology; risks related to our
dependence on uninterrupted service to clients; the company's
exposure to employment-related claims from both clients and
employers and limits on related insurance coverage; volatility
of the company's stock price; the impact of government
regulations; and restrictions imposed by blocking
arrangements. Additional information concerning these and other
factors is contained in the company's filings with the Securities
and Exchange Commission. These forward-looking statements speak
only as of the date of this document. The company assumes no
obligation, and expressly disclaims any obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: David F. Kirby
Hudson Highland Group
212-351-7216
david.kirby@hudson.com
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