April 4, 2018 – Talent Solutions company Hudson Global Inc. has appointed its chairman Jeffrey E. Eberwein as its new CEO. He replaces Stephen A. Nolan. Richard K. Coleman Jr., Hudson’s chairman of the compensation committee, will become chairman of the board.
“After five years at Hudson and the successful completion of the strategic divestitures, I have resigned from my role as CEO and board member,” said Mr. Nolan. “I look forward to helping Jeff and the company with the transition and I wish the best to all Hudson employees, customers, and stakeholders.”
Mr. Eberwein has more than 20 years of Wall Street experience, and has valuable public company and financial expertise gained through his employment history and directorships. Most recently, he served as CEO of Lone Star Value Management, LLC, an investment firm he founded in 2013. Before that, he was a private investor and served as a portfolio manager at Soros Fund Management and Viking Global Investors. Mr. Eberwein is currently chairman of the boards of Aetrium Incorporated, Digirad Corp., and Crossroads Systems. He previously served as a director of NTS, Inc., Goldfield Corporation and On Track Innovations.
“Since Jeff joined Hudson’s board in 2014, he has set the strategic direction for the board and the company and implemented a series of changes to improve governance and enhance stockholder value,” said Mr. Coleman. “He has the strategic and financial experience and leadership skills to serve as our next CEO. As the company focuses on its global RPO business, we have confidence that Jeff will drive performance and execution at Hudson and ensure we continue Hudson’s legacy of exceptional customer service.”
“As we continue to pursue our growth strategy, I am confident that we have the right team, tools, and services in place to continue meeting and exceeding our customers’ expectations,” said Mr. Eberwein. “I welcome the opportunity to work closely with our highly-experienced RPO operating leaders, including Lori Hock in the Americas, Kimberley Hubble in Asia Pacific and Darren Lancaster in EMEA.”
Sale of Three Business Units
In three transactions, Hudson Global has completed the sale of recruitment and talent management operations in Europe and Asia Pacific. The company intends to focus on its growing global recruitment process outsourcing (RPO) business going forward.
“We are excited to focus on the RPO business going forward and pleased to have reached these agreements for the sale of our recruitment and talent management businesses,” said Mr. Nolan. “This decision is a result of a lengthy and thorough review of our strategic alternatives and our desire to focus on the growing RPO business.”
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Value Plus NV, led by Hudson Benelux CEO Ivan De Witte, has purchased Hudson’s recruitment and talent management operations in Belgium, the Netherlands and Luxembourg for $24.7 million in estimated net proceeds. The business was established by Mr. De Witte in 1982 and has a team of 250 people including consultants, researchers, R&D and support staff. Morgan Philips Group SA acquired Hudson’s recruitment and talent management operations in the rest of Europe for $10.5 million in estimated net proceeds.
The deal covers Hudson Global operations in the U.K., France, Spain and Poland as well as a network of franchise operations in Denmark, Sweden, Norway, Czech Republic, Ukraine and Slovakia. Established in 2013, Morgan Philips Group has offices in the U.S., Europe, Latin America, the Middle East and Asia. It provides executive search, permanent and temporary recruitment, interim management and talent management. The acquisition will create a combined business with a turnover of 130 million euros with 600 employees in 20 countries, according to industry sources.
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