Caldwell Posts 29.6 Percent Q2 Revenue Gain
April 11, 2025 – Toronto-based Caldwell posted Q2 revenues of $23.2 million (Canadian), an increase of 29.6 percent from the same period a year ago. “Our second quarter results reflect strong year-over-year growth at Caldwell, with an increase in professional fees of 35 percent and continued stability at IQTalent,” said Chris Beck, chief executive officer. “Except for a planned, strategic investment this quarter in our first firm-wide partner meeting in two years, the business delivered positive operating profit on a consolidated basis.”
“Looking ahead to the second half of the fiscal year we are encouraged by our momentum in March yet prudent in our outlook,” Mr. Beck said. “While certain sectors continue to invest and hire, we are observing some shifts in client sentiment, particularly in Canada and select U.S. sectors, that indicate a more cautious approach to hiring decisions in the short term on current market uncertainties.”
“We continue to believe in the long-term resilience and value of our teams and talent solutions,” Mr. Beck continued. “We were pleased to add three new partners during the quarter and remain active in recruiting in the marketplace. While near-term demand may fluctuate, our focus remains on disciplined execution and providing clients with agile, insight-driven support to help them navigate change and seize opportunity.”
The board of directors also declared a dividend of 0.25 cents per common share (one-quarter of a cent per common share), payable to holders of common shares of record on April 22, 2025, to be paid on June 17, 2025.
New Senior Management
Caldwell recently appointed Mr. Beck as president and CEO. He succeeded John Wallace, who assumes the role of executive chair. “The board and I have tremendous confidence in Chris, and we know that his combination of experience, skills and vision uniquely prepares him to lead Caldwell,” said Mr. Wallace. “He has had a tremendous impact as president and CFO, helping us navigate the unprecedented challenges of the past few years while positioning the company for long-term success. We have the right leadership team, strategy, and financial foundation in place to ensure a bright future for Caldwell and IQTalent. It has been a privilege to serve this great firm as CEO, and I look forward to working alongside Chris and the Caldwell board of directors to continue to deliver on our mission to connect our clients with transformational talent.”
Mr. Beck is a veteran of Caldwell and has served in multiple leadership roles over the last 11 years at the firm. He joined Caldwell as CFO in 2013, responsible for leading and managing financial, accounting, investor relations and technology operations. In 2017, Mr. Beck was elevated to the role of chief operating and financial officer, adding day-to-day leadership and management across the firm. In 2021, he was appointed president and CFO of Caldwell.
Shreya Lathia was recently appointed VP and CFO, responsible for leading and managing financial, reporting and accounting operations. She joined Caldwell in 2023 as vice president, accounting and reporting. Pamela Cioffi has been appointed vice president, people operations, responsible for overseeing the full spectrum of HR functions, including talent acquisition, employee relations, performance management, benefits administration, DEIB initiatives implementation, and research and knowledge management. She joined Caldwell in 2017 from GroupM. Caroline Lomot has been appointed vice president, marketing & communications, responsible for leading the firm’s marketing and communications initiatives, including brand strategy, practice level programs, thought leadership development, digital marketing.
Related: Caldwell Acquires The Counsel Network
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
