TMP Worldwide Acquires The Highland Search Group L.L.C.
Three Top Executive Search Practice Leaders
Join TMP's Global Executive Search Business
NEW YORK -- Oct. 26, 1999--TMP Worldwide Inc. (NASDAQ: TMPW; ASX: TMP), the leading provider of global recruitment solutions including the dominant Internet career portal, Monster.com, announced today that it has completed its merger with the Highland Search Group L.L.C. Steve B. Potter, founder and managing partner of Highland, has been appointed President of TMP's North American executive search practice. He will report to Michael Squires, President of TMP's Global Executive Search division.
Michael Squires stated, ``Our North American practice has revenues currently in excess of $100 million and offices in over twenty cities. I am extremely pleased that we have found a dynamic and experienced professional like Steve Potter to drive the business to new heights.''
In addition to the completed Highland merger, Steve Potter also announced the recruitment of three top executive search professionals for key leadership positions in North America.
Mr. Richard C.E. Moore has become Head of TMP Worldwide's Canadian operations headquartered in Toronto. He was formerly chairman of Russell Reynolds Associates in Canada.
Mr. William Fello has become Head of TMP's Global Industrial Sector and Supply Chain Management Practice out of Dallas, Texas. Fello most recently was the managing partner for Heidrick & Struggles' Supply Chain Management Practice in Dallas.
Mr. Bradley A. Stirn, who founded SpencerStuart & Associates' high technology practice in San Francisco and Menlo Park in the early 1990s, joined TMP's Palo Alto office where he will be in charge of the executive search operations in the West Coast.
``We are delighted that Rick Moore is leading our efforts in Canada,'' said Mr. Potter. ``Rick's extensive management and consulting experience at global firms such as IBM, Xerox and Touche Ross, makes him an ideal person to build and run our Canadian search business.''
Mr. Potter continued, ``The addition of Bill Fello and Bradley Stirn provide TMP with unparalleled consulting and management experience in manufacturing and high technology. Their expertise will significantly enhance TMP's executive search capability in the automotive, transportation, and other manufacturing industries, as well as in the venture capital and Silicon Valley high-technology areas.''
In addition to these important developments in North America, TMP Worldwide also announced the acquisition of AMROP International's Italian operations, adding approximately $4.0 million in revenue. Along with TMP Worldwide's existing Italian executive search business, formerly known as TASA International, TMP Worldwide is now the leader in executive search in Italy.
Susanna Stefani, former Chairman of AMROP International, commented, ``My Italian Partners and I are truly delighted to have this tremendous opportunity to be part of the development of TMP's Executive Search practice. With the combined strength of TMP's current search business in Europe and in Italy, it clearly puts us in the number one position. This rapid growth, coupled with the expansion planned for Monster.com in Italy, makes it a very exciting time for us in the Italian market.''
Commenting on the developments within the Executive Search divisions of TMP Worldwide, Andrew J. McKelvey, Chairman and CEO of TMP Worldwide stated: ``These recent announcements round off a very exciting 18 months which have taken us from having no presence in executive search to being an undisputed member of the top five search firms in the world. Global Executive Search is under the leadership of Michael Squires and with Steve Potter leading North America, we complete an outstanding team of Executive Search Management to change the face of the traditional executive search practice going into the 21st Century.''
Mr. McKelvey added, ``The development of our executive search division is directly in line with the firm's ''Intern-to-CEO`` strategy. We have now positioned ourselves as a leader in the top end of the management hierarchy. This, along with our world leadership in recruitment advertising, our strength in the mid-market in Europe, Morgan and Banks' ubiquitous presence in Asia-Pacific, and the dominance of Monster.com, gives TMP an unprecedented platform to drive ahead into the next century.''
The above statements include forward-looking statements based on current management expectations. Factors that could cause future results to differ from these expectations include: risks associated with acquisitions, competition and seasonality. Additional factors are described in the company's reports filed with the Securities and Exchange Commission.
About TMP Worldwide
Founded in 1967, TMP Worldwide, headquartered in New York City, now with approximately 6,100 employees in 25 countries, is, through its flagship product Monster.com, the online recruitment leader, the world's largest recruitment advertising agency network, one of the world's largest search and selection agencies, the world's largest yellow page advertising agency and a provider of direct marketing services. The company's clients include more than 80 of the Fortune 100 and more than 400 of the Fortune 500 companies.
Monster.com (www.monster.com), the flagship product of the Interactive Division of TMP Worldwide, is the leading, global online network for careers, connecting the most progressive companies with the most qualified career-minded individuals. Monster.com is committed to leading the market by offering innovative technology and superior services that give consumers and businesses more control over the recruiting process. The Monster.com network currently consists of websites in the United States, Canada, the United Kingdom, the Netherlands, Australia, Belgium and France. More information about Monster.com is available at www.monster.com or by calling 1-800-MONSTER.
Richard C. E. Moore, who joined TMP as Head of its Canadian operations, became Chairman of Russell Reynolds Associates (Canada) in 1996, when that firm acquired his thirteen-year old firm, Richard Moore Associates International. Before entering the executive search practice, Moore spent 8 years at IBM Canada and Xerox Canada. Moore's background also includes a mixture of consulting and management experience with Touche Ross & Partners, where he served as Managing Partner, Toronto and National Partner of the Executive Search business. Moore is a graduate of Lower Canada College, Montreal, and of McGill University, Montreal, where he studied economics, psychology and law. Moore currently serves on the Board of Sheena's Place and also on the Advisory Board of the Toronto Community Foundation. He is past member of the Board of Lower Canada College, currently a member of the Foundation of Lower Canada College, and also past member of the Boards of Trustees at Upper Canada College, Toronto, and at the Bishop Strachan School, Toronto.
William Fello joined TMP as the Head of Global Industrial Sector and Supply Chain Management Practice, based in Dallas. Mr. Fellow brings 26 years of management, search and outsourcing consulting experience to TMP. He most recently was a Partner at Heidrick & Struggles in Dallas, at that firm's Professional Services, Industrial and International Technology practices. Previously, Fello was an executive at Electronic Data Services Corp., initially as Managing Principal responsible for creating and heading EDS's industry consulting practices, and later as Vice President and General Manager responsible for creating and leading EDS's business process outsourcing organization. Before EDS, Fello was President and CEO of Logica North America, Inc. professional services and applications software firm, and President and CEO of Touch Communications, a networking software and services company. Fello received his undergraduate degree in systems analysis from the University of Miami, Oxford, Ohio. He also studied business at the Rochester Institute of Technology, Rochester, New York.
Bradley A. Stirn joined TMP as Head of West Coast Operations, out of the firm's Palo Alto office. He previously spent 12 years with SpencerStuart & Associates where he is credited with building from scratch the firm's West Coast high technology executive search practice. At SpencerStuart, Strin served both as High Technology Practice Leader and as Managing Director of the firm's Menlo Park office. He also served as a member of the firm's worldwide Board of Directors. Prior to entering executive search, Stirn was a senior consultant with Arthur D. Little, Inc.'s Technology and New Ventures Group; the President and Chairman of Microsensor Technology, Inc., an electronics firm; the President and Chairman of Design Optics, Inc., a manufacturer of precision optical components; a sales manager for Coherent, Inc., a laser technology company; and a systems consultant at Texas Instruments. Stirn is a graduate of the Amos Tuck School of Business Administration at Dartmouth. He received his Bachelor degree in Physics from Amherst College in Massachusetts, where he also served on the Board of Trustees.