Caldwell Posts 14 Percent Increase in Revenues

January 13, 2020 – Toronto-based executive search firm Caldwell has posted first quarter revenues of $18.8 million (Canadian), a 14 percent increase from a year ago.

“This was another excellent quarter and a strong start to our fiscal year,” said John Wallace, chief executive officer of Caldwell. “We said we were well-positioned heading into fiscal 2020, and we are pleased to be delivering on that promise with a 14 percent increase in revenue and a 119 percent increase in net earnings after tax to start our fiscal year. This improvement is due in part to a stronger U.S. market year-over-year, and a rebound by our U.K. team as new business booking and business development activity has increased substantially.”

“We are confident regarding the overall business climate as we head into the second quarter, and remain very positive about the coming year as a whole,” Mr. Wallace said. “We continue to recruit new partners and teams to strengthen and expand our industry and geographic coverage in order to better serve our clients.”

Caldwell said that the increase is attributable to a higher average fee per assignment of $155 ($154 excluding exchange rate fluctuations; 2019: $140) and an increase in the number of assignments to 113 (2019: 108). The number of assignments grew on a higher number of assignments per partner at 2.9 (2019: 2.7) partially offset by a lower average number of partners at 39.0 (2019: 39.3). On a segment basis, $12,885 of professional fees were generated from the U.S. (2019: $10,886), $3,729 from Canada (2019: $3,813) and $884 from Europe (2019: $470).

The firm also recently further expanded its Caldwell Advance team – focused on the recruitment of emerging leaders and advancing professionals – with the addition of talent optimization executive Todd Lingle. “This addition strengthens our ability to connect our clients with transformational talent in a more comprehensive way,” said Mr. Wallace. “We will continue to make strategic additions to our teams where it allows us to deliver long term value to our clients.”

New Look Board

Newly elected Mr. Vamvakas will also serve as a member of the audit committee, investment committee and nominating/corporate governance/compensation committee of the board. He is chairman, CEO and founder of Greybrook Capital, a private equity firm focused on real estate and healthcare. Mr. Vamvakas is also chairman of Greenbrook-TMS NeuroHealth centers and TearLab Corp.


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Caldwell also elected John Young to its board, pending the approval of shareholders. Mr. Young is CEO of Boat Rocker Media, a global entertainment company. He is also serves as vice chair on the board of the Academy of Canadian Cinema and Television. He is a member of the boards of Golf Town, Sporting Life and Toys R Us. Mr. Young is also the chairman of the board of Feeding Canadian Kids.

“Elias and John are outstanding additions to our board,” said Mr. Wallace. “We are excited about the unique expertise, depth of leadership and comprehensive business experience they bring, as we continue to evolve and lead the organization forward. We are confident they will provide valuable perspective and insight as we execute our strategy, drive profitability and enhance value for all Caldwell shareholders.”

Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media

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