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TMP Worldwide Announces Plans to Acquire Rollo Associates
TMP Worldwide
(212) 885-9112
Steven B. Potter
(212) 328-1100
Stefan Pollack
Rollo Associates
(310) 556-4443
Elite Los
Angeles-based Executive Search Firm Specializing in Board of Director and CEO
Searches to Merge with TMP Worldwide Executive Search
New York, NY and Los Angeles, CA - May 8, 2000 -- TMP Worldwide Inc. (NASDAQ: TMPW; ASX: TMP), the leading provider of global recruitment solutions, including the dominant Internet career portal, Monster.com, and one of the world's largest search and selection agencies, today announced it has entered into a letter of intent to acquire Rollo Associates, a premier Los Angeles-based executive search firm, in a pooling of interests transaction. The terms and conditions of the acquisition were not disclosed. The acquisition is subject to various conditions, including TMP Worldwide's satisfaction with its due diligence review and the negotiation and execution of definitive documentation.
Robert Rollo founded Rollo Associates in 1992, with the specific objective of providing executive search services at the most senior level to thriving enterprises. The firm is co-managed by Partner Peter Kelly who joined Rollo Associates in 1994. During the last seven years, the firm has conducted global searches for board directors, CEOs, CFOs—and those reporting directly to those positions—in the areas of financial services, investment management, technology, manufacturing and packaged goods, as well as other industry sectors. Seventy percent of all Rollo Associates searches have been for board members, chief executive officers, presidents and senior officers.
Andrew J. McKelvey, Chairman and CEO of TMP Worldwide, stated: “The addition of a top tier firm such as Rollo Associates enhances our position to offer our corporate clients access to the finest executive talent at the upper strata of their organizations. Clearly, the quality of our recent and proposed executive search acquisitions speaks volumes regarding our intention to further strengthen our executive search division, with consultants of the highest caliber.”
“This merger with Rollo Associates will give the ‘CEO' segment of TMP Worldwide's ‘Intern to CEO' strategy a huge lift,” said Steven B. Potter, CEO of TMP Worldwide Executive Search. “They have carved out a significant niche in the executive search industry by focusing their searches at the highest levels of leadership. They also differentiate themselves by virtue of the on-going counsel they provide their clients. This level of service is extremely important to us. At TMP Worldwide we understand that the relationship with a client doesn't end with the placement of a senior officer—in fact, it's just the beginning.”
Regarding the intended merger Mr. Rollo said, “Rollo Associates believes that TMP Worldwide represents the future of executive search, indeed the future of recruiting, period. Their extensive resources and continued integration of their Internet business, mid-market recruiting business, and executive search operations, puts them at the helm of the changes that are taking place in our industry. They are shaping the trends in how individuals choose and manage their careers, just as Rollo Associates has stayed ahead of the changes taking place in boardrooms and executive offices around the world. We believe our offerings perfectly complement the philosophy and strategy of TMP Worldwide. We are thrilled at the prospect of joining their team and building TMP Worldwide's pre-eminence in the upper tier of executive search.”
Upon completion of the proposed acquisition, Mr. Rollo and Mr. Kelly will work closely with Brad Stirn, Head of TMP Worldwide's West Coast Operations, to expand TMP's Southern California Executive Search operations. Moreover, they will work closely with TMP Worldwide's operations in Silicon Valley to service the company's growing number of technology clients.
Said Mr. Stirn, “With the addition of Rollo Associates—and the contacts and professionalism that Bob and Pete bring to us—we will be able to integrate our efforts and significantly expand our reach on the West Coast. Their reputation precedes them and they will undoubtedly enhance the already vital operations we are building here.”
About Robert Rollo
Robert Rollo is founding and co-managing partner of Rollo Associates, a Los Angeles-based premier provider of nationwide executive search services. He established the firm in 1992 when he integrated his many years of executive search experience with his knowledge of numerous industries. Mr. Rollo, along with his co-managing partner, specializes in recruiting leaders on behalf of a portfolio of clients ranging from emerging technology companies to established industrial giants. He has been recognized as one of the nation's leading recruiters in The Global 200, The New Career Makers, and The Rites of Passage.
Prior to founding Rollo Associates, Mr. Rollo was a senior partner with Korn/Ferry International, heading the firm's largest region in Southern California. Prior to joining that firm, Mr. Rollo served as vice president of marketing for AM Jacquard Systems, a manufacturer and distributor of small business computers, as well as director of strategic planning for the parent company, AM International.
Beginning his career in 1973, Mr. Rollo held commercial lending and corporate banking positions for five years with Union Bank, at the time one of the nation's largest banks. His experience in this industry helped him meet key influencers and pave the road to success in the executive search industry.
Mr. Rollo served as a Lieutenant in the United States Navy from 1970 to 1973. He was Regimental Commander in Officer Candidate School and received the Outstanding Junior Officer Award for 1971.
Mr. Rollo received his Bachelor of Science degree with honors and a master's degree in business administration from the University of Southern California (USC). He is President-elect of the USC Alumni Association and is a member of the University Alumni Board of Governors. He has been honored by USC as one of its Outstanding MBA Graduates.
Mr. Rollo currently serves on the board of directors of Huntington Memorial Hospital, the National Association of Corporate Directors, Southern California Healthcare Systems, the Los Angeles Sports Council, and The Rio Blanco Ranch. Mr. Rollo is also on the chairman's council at the Weingart Center, is a regional director for The Association of Executive Search Consultants and is on the board of trustees at Mayfield Senior High School. Other affiliations include the California Club, the Los Angeles Country Club, and the Fourth of July Yacht Club.
About Peter Kelly
Peter Kelly is a Co-Managing Partner of Rollo Associates. He joined the firm in 1994, bringing a strong combination of experience in retained executive search and financial services to the firm. With 13 years experience in executive search and more than 15 years in banking and financial services, Mr. Kelly focuses on senior level positions and corporate board appointments, particularly in the area of financial services. Prior to joining Rollo Associates, Mr. Kelly was in charge of the financial services specialty practice for Korn/Ferry International. While there, Mr. Kelly oversaw the placement of executives in senior-level positions for organizations ranging from small start-ups to Fortune 500 companies. Mr. Kelly began his career at Union Bank, where, over the course of 15 years, his responsibilities included management of a variety of corporate, international and investment banking functions.
Mr. Kelly serves on the board of directors and executive committee for Junior Achievement, and on the board of directors for the Children's Bureau of Southern California. In addition, he is a member of the Peninsula Committee for the Children's Hospital.
Mr. Kelly earned a bachelor's degree in both international business and business administration from the Thunderbird Graduate School of International Management and St. Mary's College of California, respectively.
About TMP Worldwide
Founded in 1967, TMP Worldwide, now with more than 7,600 employees in 29 countries, is the on-line recruitment leader, the world's largest Recruitment Advertising agency network, and one of the world's largest executive Search & Selection agencies. TMP Worldwide, headquartered in New York, is also the world's largest Yellow Pages advertising agency and a provider of direct marketing services. The Company's clients include more than 90 of the Fortune 100 and more than 480 of the Fortune 500 companies. More information about TMP Worldwide is available at www.tmp.com.
About Monster.com
Monster.com (www.monster.com), the flagship product of the Interactive Division of TMP Worldwide, is the leading global career portal on the Web with over 15.2 million unique visits per month. Monster.com connects the most progressive companies with the most qualified career-minded individuals, offering innovative technology and superior services that give them more control over the recruiting process. The Monster.com global network consists of local language and content sites in the United States, United Kingdom, Australia, Canada, the Netherlands, Belgium, New Zealand, France, Singapore and Hong Kong. More information about Monster.com is available at www.monster.com or by calling 1-800-MONSTER.
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Special Note: The above statements include forward-looking statements based on current
management expectations. Factors that could cause future results to differ from these expectations
include the following: risks associated with acquisitions, competition and seasonality. Additional
factors are described in the company's reports filed with the Securities and Exchange Commission.
