Korn/Ferry appoints managers, closes graduate recruitment site
A spokesman in London said there were no plans for redundancies. The firm has already laid off 20% of its staff this year.
Korn/Ferry bought its student recruitment site, JobDirect, last year.
The firm said it was consolidating its marketing, technology, finance and human resources functions and was "co-locating" the front office operations of Korn/Ferry and Futurestep, its online recruitment arm targeting middle managers.
Robert McNabb becomes president of Futurestep for the Americas and Asia/Pacific, with a view to accelerating its cross-selling partnership with Korn/Ferry. He was formerly president and CEO of Corestaff Staffing and is on the board of HotJobs.com, the internet recruiter.
Korn/Ferry will have a new management structure, which includes the creation of a global operating committee to be chaired by James Boone, president of the Americas region. Stephen Semprevivo, formerly CEO of Futurestep, will be Korn/Ferry's chief administration officer.
In recent months the downturn in fortunes at Korn/Ferry and other recently publicly-listed recruitment firms has led to speculation that they might return to private ownership. On Thursday Korn/Ferry's share price on the NYSE stood at $9.38, up from a low of $6.66 in October but down from $30.44 a year ago.
Paul Reilly, CEO of Korn/Ferry, said the firm was aiming to evolve from a traditional search firm to "a relationship driven provider of executive human capital services."
