Caldwell Posts Q3 Revenue Decline
July 10, 2025 – Toronto-based Caldwell posted Q2 revenues of $23.2 million (Canadian), an decrease of 5.4 percent from the same period a year ago. “We’re encouraged by our third quarter results, which reflect both resilience and momentum,” said Chris Beck, chief executive officer. “Professional fees rose 24 percent sequentially, a strong showing in line with historical seasonal patterns, and a clear indication that client demand is strengthening despite ongoing macroeconomic uncertainty. Our business development activity remains healthy, and we’re seeing that positive momentum carry into the fourth quarter compared to an easing at the same time in the prior year.”
“At IQTalent, revenue during the quarter again held steady as we continued to reshape the business for long-term profitability,” Mr. Beck continued. “We made further reductions to overhead during the quarter and are seeing the positive impact of those actions. With new client additions in May and June and a leaner cost structure, we’re positioned for profitability in the fourth quarter and are building from a stronger foundation.”
“We also welcomed two new partners to Caldwell this quarter and continue to have active conversations in the market with individuals who align with our strategy of being a high-performing, elite executive search firm,” Mr. Beck added. “We remain confident in our team, our platform, and our ability to deliver integrated talent solutions that create lasting value for our clients and shareholders.”
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 July 18, 2025, to be paid on September 12, 2025.
Late last year, Caldwell 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.”
Firm Veteran
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
