January 16, 2018 – Caldwell Partners International has posted first quarter revenues of $14.9 million (Canadian), up 9.8 percent from $13.6 million last year.
“The Caldwell Partners team delivered a strong performance in the first quarter,” said John Wallace, chief executive officer. “The overall economic outlook remains healthy, as we continue to experience solid search demand, notwithstanding our unbalanced performance from geography to geography. We saw robust revenue growth in the U.S. this quarter, which augmented our somewhat muted results in Canada and continued financial investments in the establishment and growth of the U.K.”
While Caldwell Partners does anticipate unevenness from quarter to quarter and from its geographic regions, said Mr. Wallace, the firm’s partners are collectively performing strongly, with search volumes and pricing holding steady.
“As we continue to grow our presence, and to further respond to our client’s needs and requirements, it has become imperative to address the need to add supplemental breadth and depth to our existing teams, in order to continue to enhance our overall capabilities,” said Mr. Wallace. “As such, we will be placing incremental attention in the coming months and quarters on the recruitment of partners and teams, with a particular emphasis in the United States.”
The increase in revenues can be attributed to a slightly higher fee per assignment of $131,000 (vs. $117,000 in 2017) among its 38 partners partially offset by a lower number of assignments per partner from 3.1 to 3.0 resulting in a decrease in number of assignments to 114 (vs. 116 in 2017).
The board of directors also declared the payment of a quarterly dividend of two cents per common share payable to holders of common shares of record on Jan. 23, to be paid on March 19. Shares in Caldwell Partners fell .92 percent to $1.08 (Canadian) upon release of its revenues. The company has a market cap of $22.04 million (Canadian).
Recently, the firm expanded with the addition of Alex Alcott as a partner in its financial services practice in London. Mr. Alcott’s appointment furthers Caldwell’s expansion strategy across Europe. With more than 20 years of executive search experience, Mr. Alcott works across the global financial services sector on roles that include a variety of board, executive committee, chief financial officer, general auditor, treasurer and other function searches for global public companies and private equity portfolio company rebuilds. He was most recently a partner in Heidrick & Struggles’ London office, where he was a member of the global financial services and chief financial officers practices and led the financial services CFO practice in the U.K.
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Caldwell also recently named Chris Beck as chief operating and financial officer. Mr. Beck, who is based in Boston, joined Caldwell in 2013. He has more than 20 years of experience in finance with a track record of leading and managing financial, accounting and business operations. “Chris is a collaborative and energetic leader with the vision to grow our organization, ensure our financial strength and operating efficiency, and drive the development of new products, solutions and services,” said Mr. Wallace. “Under his leadership and counsel, we have attained our financial goals, expanded our reach via acquisition and strategic partnerships, and enhanced the manner and degree to which we are able to serve our clients.”
In addition, the firm added Kathy Ventura as a partner in its consumer, e-commerce & retail, and marketing & communications practices based in its Stamford, CT office. Ms. Ventura recruits senior executives in all areas of consumer products and services, including consumer technologies, automotive, lifestyle brands and consumer financial services. She also specializes in corporate reputation leadership roles, including communications, public affairs and corporate marketing. Her clients include Fortune 500 companies, private equity and other alternative asset firms, and their portfolio companies. Her work also encompasses diversity and inclusion initiatives for her clients. She was previously with Russell Reynolds Associates, where she led the firm’s corporate communications practice.
Caldwell also named Matt Comyns as managing partner of its cybersecurity search practice in 2017. He, too, is based in the firm’s Stamford office and was recruited out of Russell Reynolds Associates. Mr. Comyns has a distinct and well-regarded focus on recruiting chief information security officers and next-level-down top lieutenants in information security for large global corporations and fast-growing private companies, as well as cyber security consultants for leading professional services firms and top executives for cyber security technology companies. He previously co-led Russell Reynolds global cybersecurity practice, where he served for nearly six years.
In addition, Caldwell appointed Shawn Banerji as managing partner of the firm’s technology, digital and data leaders practice. Specializing in the global technology sector, Mr. Banerji recruits CIOs and CTOs across major industries, including financial services, telecom/technology, retail/consumer, healthcare, industrial/natural resources, as well as media and internet. He also has extensive experience in business process outsourcing, process improvement, and shared services. Like the others, Mr. Banerji joins Caldwell in Stamford and was recruited from Russell Reynolds Associates, where he most recently served as a leader in the firm’s technology officers’ practice.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Will Schatz, Managing Editor – Hunt Scanlon Media