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SThree Announces Management Succession Plans CEO, Russell Clements Set To Retire

SThree Announces Management Succession Plans CEO, Russell Clements Set To Retire

SThree announces that Russell Clements, CEO, is to retire from the Board at the conclusion of the Group's next Annual General Meeting in April 2013 after more than twenty six years with the Group. He will be succeeded as CEO by Gary Elden, currently SThree Group Chief Strategy Officer. Gary joined the SThree board in 2008 and has over twenty two years' service with the Group. He is appointed as Deputy CEO with immediate effect. Russell will effect a progressive transition of his responsibilities to Gary over the next eleven months to ensure an orderly handover.

Russell's retirement is part of a managed succession process, which will also see the appointment to the Group Board of Steve Quinn, currently Group Managing Director Benelux & Middle East, who will join the Board as Chief Operating Officer, and Justin Hughes, who will retain his responsibilities as Group Managing Director Asia Pacific in a new Board-level role, reflecting the strategic significance of this region. Both appointments will be made with effect from 1 June 2012.

Clay Brendish, Chairman said: "Russell has made an outstanding contribution to the development and success of SThree from its inception. He announces his retirement plans after a career with the Group spanning twenty six successful years and leaves SThree in excellent shape to continue its progress.

"Gary, Steve and Justin are all talented executives with long and successful track records with the Group and we look forward to their future contributions. SThree's success has been founded on an effective match of ambition and opportunity, with a focus on the development of home grown management. The succession process provides important further career development opportunities at Board and operational level as we seek to build on the firm foundations laid over the last few years."

Russell Clements, CEO, said: "Having joined the Group in 1986 as its second employee and having been CEO since 2004, I have always been clear that, when the time was right, I would step aside and make way for the next generation to realise their potential. With SThree in a strong financial position and implementing a clear growth strategy, I believe that now is the time to put in place the management structure for the next phase of our development.

"Gary has a 22 year track record with SThree, playing a critical role in the growth of the business both as founding managing director of Huxley Associates and in the successful internationalisation and diversification of the Group in recent years. His understanding of the Group's operations and, just as importantly, of its culture, make him uniquely well qualified for the CEO role. As both the incumbent CEO and a long term shareholder, I'm sure he will do a great job and I look forward to working with him over the coming months to ensure a smooth transition."

SThree continues to trade in line with expectations and will announce its first half trading update on Friday 8 June, as planned.


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